This bill amends Section 122 of Title 60 of the Oklahoma Statutes, which pertains to alien ownership of land. It introduces definitions for "bona fide resident" and "lawful permanent resident," clarifying that a bona fide resident is a lawful permanent resident of the United States, while a lawful permanent resident is defined as a foreign national granted the right to reside permanently in the U.S. The bill modifies existing language to be gender-neutral and updates statutory language to reflect these changes.

Additionally, the bill specifies that the provisions of this article do not apply to lands currently owned by aliens as long as they remain with the present owners. It allows aliens who become bona fide residents of Oklahoma to acquire and hold land under the same terms as U.S. citizen residents. If such a resident alien ceases to be a bona fide resident, they are granted a five-year period to alienate their land. An emergency clause is included, indicating that the act will take effect immediately upon passage and approval.