This bill amends the existing law regarding eminent domain in Oklahoma, specifically focusing on the definition and standards for just compensation when private property is taken for public use. The bill introduces a new definition of "just compensation," which now includes either 150% of the fair market value of the property taken or the amount necessary for the owner to purchase a comparable replacement property within the same community. It also establishes that any benefits to the remaining property can only be offset against injuries to that property if they are specific, direct, measurable, and proven by clear evidence, while general benefits are excluded. Additionally, the bill clarifies how compensation should be calculated in cases of partial takings and prohibits the reduction of fair market value due to project influence or related activities.

Furthermore, the bill emphasizes that the rights and compensation standards outlined are mandatory and cannot be waived or reduced by any acquiring agency or political subdivision. Property owners are protected from having to relinquish these rights as a condition of negotiation or settlement. The act is set to take effect on November 1, 2026.