Bill No. 1420 amends Section 61.8 of Title 74 of the Oklahoma Statutes, focusing on the management and reduction of state-owned property. The bill mandates the Long-Range Capital Planning Commission to work towards decreasing the state's property holdings, promoting privatization, and ensuring better maintenance of capital assets. It requires state agencies to seek approval from the Office of Management and Enterprise Services before entering into leases or making purchases of real property. Additionally, the bill stipulates that any transfer of real property between state entities must be approved by the Long-Range Capital Planning Commission, with specific provisions for properties of historical significance.

The bill also introduces a new exemption for the Grand River Dam Authority, which is added to the list of entities not subject to the provisions of this section. Furthermore, it requires the Office of Management and Enterprise Services to publish an annual report detailing the sale of state-owned properties and the management of the Maintenance of State Buildings Revolving Fund. The act is set to take effect on November 1, 2025.