The Oklahoma Land Bank Act establishes a comprehensive framework for municipalities to create land banks, which are entities focused on acquiring, holding, and transferring unimproved real property for redevelopment. The Act outlines the necessary steps for municipalities to adopt ordinances for land bank creation, including forming a board of directors and defining the powers and responsibilities of the land bank. It specifies that properties held by land banks are exempt from taxation and provides guidelines for property acquisition and disposition, including the ability to sell properties below market value under certain conditions. The Act also mandates compliance with the Oklahoma Open Meeting Act and the Oklahoma Open Records Act, clarifies conflict of interest terms, and allows for intergovernmental cooperation agreements to facilitate land bank operations.

The bill introduces new provisions that enhance the operational framework and financial mechanisms for land banks in Oklahoma. It allows land banks to issue bonds secured by various revenues, which are exempt from state and local taxes, and establishes that these bonds are limited obligations payable solely from the income generated by the land bank's assets. Additionally, the bill outlines the process for dissolving a land bank, requiring a two-thirds vote from the board and notification to relevant jurisdictions and bond trustees. It also permits land banks to purchase properties through tax lien foreclosure without prior public sale and grants them the authority to file actions to quiet title on properties of interest. The legislation emphasizes ethical guidelines to prevent conflicts of interest among board members and employees and is set to take effect on July 1, 2026, with an emergency clause for immediate implementation upon passage and approval.