The bill amends Section 1023 of Title 64 of the Oklahoma Statutes, which governs the granting of commercial and agricultural leases by the Commissioners of the Land Office. Key changes include the requirement for an appraiser to assess improvements made by the current lessee on agricultural leases, with new lessees required to reimburse previous lessees for the appraised value of these improvements before taking occupancy. Additionally, the bill prohibits charging lessees fees beyond those included in the original bid for irrigation if the water source is not from lands owned or managed by the Commissioners.

Other provisions include the stipulation that any permanent improvements made on commercial trust property after July 1, 1989, will revert to the trust at the end of the lease, and the Commissioners may refuse bids from parties in default or lacking adequate creditworthiness. The bill also mandates the promulgation of rules to implement these changes. The effective date for the act is set for November 1, 2025.