House Bill No. 2796 amends the Oklahoma Disaster Mitigation and Recovery Matching Fund by updating the provisions related to the allocation of funds. 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 the fund by changing the reference from Section 4 to Section 2022, ensuring that separate accounts are created for various entities. Additionally, one account will be divided into two subaccounts for distribution to cities or towns within the respective jurisdictions.

The bill also introduces new language that allows 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. Furthermore, it specifies 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.