The bill amends various sections of the Oklahoma Statutes concerning the Commissioners of the Land Office, focusing on modernizing their powers and responsibilities. Key changes include allowing the Commissioners to exchange land for investment properties at their discretion, updating terminology from "realtors" to "real estate licensees," and designating the Lieutenant Governor as vice-chair in the absence of an elected vice-chair. The bill also removes a cash drawer change fund, broadens the investment scope of the permanent school fund to include private equity and credit investments, and establishes guidelines for investment diversification. Additionally, it mandates that the Commissioners maintain certain licenses for employees and requires electronic submission of specific reports.

Further amendments include the establishment of an investment committee to recommend asset management policies, the ability for the Commissioners to retain external real estate property managers, and the development of an annual investment plan with quarterly financial reports. The bill also removes term limitations on leases for investment real estate, specifies advertising requirements for land sales, and outlines the appraisal and sale process for state lands. It creates a new Multiyear Education Distribution Stabilization Revolving Fund for distributing income from state-owned lands designated for educational institutions and clarifies leasing provisions and approval processes for state land transactions. The new provisions will take effect on July 1, 2026, with an emergency declaration for immediate implementation upon passage and approval.

Statutes affected:
Introduced: 64-1013, 64-1023, 64-1014, 64-1021, 64-1030, 64-1050, 64-1054, 64-1061, 64-25., 64-2026.