The bill amends the Oklahoma Solicitation of Charitable Contributions Act and the Oklahoma General Corporation Act to enhance transparency and accountability in charitable solicitations and clarify governance structures for corporations. Key updates include the introduction of new definitions such as "charitable purpose" and "Form 990," alongside requirements for charitable organizations to provide detailed information to the Secretary of State, including their legal name and federal tax identification number. The registration process for charitable organizations is modified to require annual registration and a tiered fee structure based on previous contributions, while organizations must also disclose fundraising expenses and payments to professional fundraisers. The bill further clarifies exemptions for certain organizations, including religious institutions and educational entities, and outlines violations and penalties for non-compliance.

In addition to the changes in charitable solicitation regulations, the bill revises the Oklahoma General Corporation Act to clarify the governance structure of corporations, particularly regarding board meetings and committee operations. It allows bylaws to set a quorum for board meetings at less than a majority, introduces provisions for committees to exercise board powers, and outlines the removal process for directors. The bill also imposes new restrictions on loans made by charitable nonprofit corporations to prevent conflicts of interest, holding both borrowers and approving directors liable for any violations. These amendments are set to take effect on November 1, 2026.

Statutes affected:
Introduced: 18-1004.1, 18-1027