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 retention of top-ranked students in Oklahoma colleges and attract high-caliber out-of-state students. It outlines eligibility criteria for scholarship recipients, which include high academic performance and specific standardized test scores. The bill also stipulates that scholarship awards will cover enrollment fees, tuition, room and board, and required textbooks for up to five years of study at accredited institutions in Oklahoma.

Additionally, the bill introduces provisions for scholarship portability among institutions within the Oklahoma State System of Higher Education and mandates that participating institutions provide tuition waivers. It emphasizes the importance of maintaining satisfactory academic progress for scholarship recipients and allows the Oklahoma State Regents for Higher Education to set aside funds for long-term commitments to scholars. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage and approval.