The bill amends Section 4-114 of Title 29 of the Oklahoma Statutes, primarily increasing the required residency period for purchasing lifetime fishing and hunting licenses from six months to one year. It also introduces new provisions for a controlled hunt for velvet bucks, defining terms related to velvet antlers and establishing specific hunting regulations, including a limit of one velvet buck per license per year. The Oklahoma Wildlife Conservation Commission is tasked with promulgating rules for the controlled hunt, which will take place on private land with the landowner's consent during a designated nine-day period in August.

Additionally, the bill allows individuals who have previously purchased a lifetime fishing license to upgrade to a lifetime combination license by paying the difference in fees. It specifies that all velvet bucks harvested will count against the annual deer bag limit and prohibits refunds for any fees paid for velvet buck tags in the event of a cancellation of the controlled hunt. The bill is set to take effect on January 1, 2027.