The bill amends various sections of the Oklahoma Statutes concerning the management and responsibilities of the Commissioners of the Land Office, with a focus on modernizing their operational capabilities. Key provisions include the establishment of an investment committee to recommend asset management strategies, the ability to retain external real estate property managers, and the requirement for an annual investment plan and quarterly financial reports to enhance transparency. The bill also clarifies the leasing process for commercial and agricultural properties, allowing for longer lease terms and ensuring fair market value in all transactions. Additionally, it introduces a new revolving fund, the Multiyear Education Distribution Stabilization Revolving Fund, to manage income from state-owned lands designated for educational institutions.

Significant changes include the removal of outdated provisions, such as the cash drawer change fund, and the requirement for a unanimous vote for land sales or exchanges by the Commissioners. The bill also updates terminology, allowing real estate licensees to assist in leasing and selling investment properties, and designates the Lieutenant Governor as vice chair in the absence of an elected vice chair. Furthermore, it mandates electronic access to transaction reports for custodial banks and requires public advertisement for land sales. The act is set to take effect on July 1, 2026, with an emergency clause for immediate implementation upon passage.

Statutes affected:
Introduced: 64-1013, 64-1023, 64-1014, 64-1021, 64-1030, 64-1050, 64-1054, 64-1061, 64-25., 64-2026.