This bill establishes new legal provisions regarding the acquisition and management of museum property, particularly focusing on undocumented and loaned items. It defines key terms such as "lender," "loan," "museum," and "undocumented property," and outlines the procedures for museums to acquire legal title to such property after a specified period of time without valid claims. Museums are required to publish notices in local newspapers and attempt to contact lenders before claiming title to loaned property. Additionally, the bill stipulates that museums may apply conservation measures or dispose of property under certain circumstances, while also detailing the obligations of both museums and lenders in these transactions.

Furthermore, the bill limits the timeframe for legal actions against museums regarding property claims, establishing a two-year period for lenders to assert their rights after receiving notice of injury or loss. It also specifies that property on loan that would otherwise escheat to the state upon the owner's death will instead become the property of the museum. The act is set to take effect on November 1, 2025, and includes provisions for codification in the Oklahoma Statutes.