House Bill No. 2796 amends the Oklahoma Disaster Mitigation and Recovery Matching Fund provisions, specifically updating the allocation of funds and the management of accounts within the fund. The bill establishes that the fund will be administered by the Oklahoma Department of Commerce and will not be subject to fiscal year limitations. It modifies the structure of accounts by changing references from Section 4 to Section 2022 of the act, ensuring that separate accounts are created for various entities and that one account is divided into two subaccounts for distribution to cities or towns.

Additionally, the bill introduces new language allowing the Oklahoma Department of Commerce to deposit funds into any account or subaccount as needed, up to the full amount available, to support eligible activities. This replaces the previous restriction that prohibited the transfer of funds between accounts. The bill also stipulates that no funds from the Oklahoma Disaster Mitigation and Recovery Matching Fund can be used for administrative expenses or salaries of the Department of Commerce. An emergency clause is included, allowing the act to take effect immediately upon passage and approval.