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 lessees on agricultural leases, with new lessees required to reimburse previous lessees for the appraised value of these improvements. Additionally, the bill stipulates that no fees may be charged to lessees for irrigation if the water is not sourced from lands owned or managed by the Commissioners. The bill also updates statutory references and language, and establishes conditions under which the Commissioners may refuse bids or leases based on default or creditworthiness.

Furthermore, the bill clarifies that any permanent improvements made on commercial trust property after July 1, 1989, will revert to the trust at the end of the lease. It mandates that lessees must pay ad valorem property taxes on improvements and indemnify the Commissioners from financial obligations related to the land. The bill is set to take effect on November 1, 2025.