The bill establishes the "Waters and Water Rights Modernization Act of 2026," which aims to modernize the management and regulation of water rights in Oklahoma. It introduces a new section of law that is not intended to be codified into the Oklahoma Statutes, thereby creating a distinct legal framework for addressing water rights issues.

Additionally, the bill specifies that it will take effect on November 1, 2026. This timeline allows for the necessary preparations and adjustments to be made in anticipation of the new regulations coming into force.