The bill amends the Oklahoma Residential Landlord and Tenant Act, specifically 41 O.S. 2021, Section 109, to establish new restrictions on rent increases for month-to-month tenancies. Under the new provisions, landlords are required to provide tenants with written notice at least ninety days prior to any rent increase, which cannot exceed seven percent plus the Consumer Price Index within a twelve-month period. The written notice must detail the amount of the increase, the new rent, the effective date of the increase, and any applicable exemptions.

Additionally, the bill outlines penalties for landlords who violate these new regulations, making them liable to tenants for an amount equal to three months' rent plus any actual damages incurred. An exception is provided for landlords who offer reduced rent as part of a federal, state, or local program or subsidy, allowing them to bypass the rent increase limitations. The act is set to take effect on November 1, 2026.