Bill No. 996 aims to establish new legal frameworks regarding the acquisition of legal title to undocumented and loaned property held by museums in Oklahoma. It defines key terms such as "lender," "loaned property," and "undocumented property," and outlines the procedures museums must follow to acquire legal title to such properties after a specified period. Museums can claim title to undocumented property after seven years if no valid claims are made, following a two-notice publication process. For loaned property, museums must attempt to notify lenders after the loan expires, and if there is no contact for two years, they can acquire title through certified mail notification.

Additionally, the bill limits the time frame for actions against museums regarding property loss or injury to two years from the date of notice or the last contact with the lender. It also provides that loaned property will not escheat to the state upon the lender's death but will instead become the property of the museum. The bill includes provisions for conservation measures that museums can take without lender permission under certain circumstances, and it establishes that museums are not liable for actions taken in good faith to protect property. The act is set to take effect on November 1, 2025.