This bill amends Oklahoma's laws regarding grand and petit larceny by lowering the threshold for grand larceny from $1,000 to $500. Specifically, it redefines grand larceny to include cases where the value of the property taken is $500 or greater, or when property is taken directly from a person, while all other cases will be classified as petit larceny.

Additionally, the bill introduces a new felony penalty for individuals convicted of a third or subsequent petit larceny offense, which will be punishable by imprisonment for up to two years or a fine of up to $1,000, or both. The changes aim to strengthen the legal framework surrounding theft offenses in Oklahoma. The act is set to take effect on November 1, 2026.