The bill amends the existing law regarding the Oklahoma Controlled Burn Indemnity Fund, renaming it to the Oklahoma Prescribed Burn Indemnity Fund. It updates statutory references and establishes that the fund will not reimburse participating landowners for damages incurred on their own property. Additionally, it removes the previous requirement for landowners to work with specific agencies to develop a burn plan and instead allows for a broader range of recognized entities to prepare the plan. The bill also introduces new requirements for participation, including detailed information that must be included in the burn plans and notification procedures for adjoining landowners.

Furthermore, the bill sets a maximum payout of $1,000,000 for losses arising from any one prescribed fire event and outlines the claims process for landowners. It specifies that if there are insufficient funds to cover all claims in a given year, payments will be made on a pro rata basis. The bill also includes provisions for the investigation of potential civil action claims against individuals for losses paid by the Indemnity Fund. The act is set to take effect on November 1, 2026.