This bill amends Section 895 of Title 62 of the Oklahoma Statutes, which pertains to municipal development fees. It allows municipalities to consider the competitiveness of their development fee schedules when imposing or increasing fees, ensuring that they remain reasonably competitive with those of comparable communities. The bill clarifies that uniformity of development fees among municipalities is not required and mandates that municipalities periodically review their development fee schedules at least once every five years to ensure they align with growth and infrastructure needs.

Additionally, the bill outlines the definitions and parameters for development fees, emphasizing that they should only be charged for capital improvements that expand or increase the functional service capacity of public infrastructure systems. It establishes requirements for municipalities regarding the adoption process for development fees, including public hearings and the creation of component capital improvement plans. The bill also stipulates that development fees must be documented and reported annually, ensuring transparency in their collection and expenditure. The effective date for this act is set for November 1, 2026.