The bill amends Section 16-28.3 of Title 2 of the Oklahoma Statutes, changing the name of the "Controlled Burn Indemnity Fund" to the "Prescribed Burn Indemnity Fund." It establishes new requirements for landowners wishing to participate in the fund, including the creation of a detailed prescribed burn plan that must include specific information such as the burn's objectives, adjoining landowner notifications, and a plan for fire control. Additionally, the bill prohibits reimbursement for damages incurred on the landowner's own property and sets a maximum payout of $1,000,000 for losses from any single prescribed fire event.

The bill also modifies the filing fee for the burn plan from $100 to $250 and requires landowners to notify local fire departments and adjoining landowners about the burn at least 60 days in advance. It updates various statutory language and clarifies the responsibilities of the Oklahoma Conservation Commission in administering the fund. The act is set to take effect on November 1, 2026.