This bill amends Section 3206.3 of Title 70 of the Oklahoma Statutes, focusing on research and development at institutions of higher education. It directs the Oklahoma State Regents for Higher Education to establish a model policy that includes a tiered system of ownership based on revenue generated from new technology, ensuring competitive compensation for inventors or discoverers. The policy will also encourage the development of various technologies, including aerospace and autonomous systems, and will require institutions to maintain a system for recording research activities and financial relationships with private entities.

Additionally, the bill mandates that any policies created under this section be reviewed every seven years to ensure competitiveness with similar institutions. The act is set to take effect on July 1, 2026, and includes an emergency clause for immediate implementation upon passage and approval.