House Bill No. 1282 proposes significant amendments to the Oklahoma State Regents' Academic Scholars Act, renaming it the "Oklahoma Rising Scholars Award Act" and the associated program as the "Oklahoma Rising Scholars Award Program." The bill aims to enhance the scholarship program by updating eligibility criteria, scholarship award amounts, and the administration of the program. It specifies that scholarships will cover enrollment fees, tuition, room and board, and required textbooks for up to five years of undergraduate or graduate study at accredited institutions in Oklahoma. Additionally, it introduces provisions for tuition waivers at certain institutions and establishes guidelines for scholarship portability among accredited schools.

The bill also emphasizes the importance of maintaining high academic standards for scholarship recipients, requiring them to make satisfactory progress toward their degrees. It allows the Oklahoma State Regents for Higher Education to adopt rules for the program's administration, including the establishment of minimum GPA and credit hour requirements. Furthermore, the bill mandates that the Regents report on the retention of scholarship recipients in Oklahoma and sets limitations on the number of awards available to nonresident students. The act is set to take effect on July 1, 2025, with an emergency clause for immediate implementation upon passage.