The bill establishes a legislative task force on state lands and investments, which will consist of members from both the House of Representatives and the Senate, as well as appointees from the governor. Specifically, the task force will include three members from the House, three from the Senate, one jointly appointed member, and three members appointed by the governor. The task force is tasked with studying the composition, duties, and powers of the state loan and investment board, as well as the office of state lands and investments. It will also identify governance issues and solicit feedback from board members, with the potential to recommend legislative changes if necessary. The task force is set to terminate on January 1, 2025.

To support the task force's activities, the bill appropriates $50,000 from the general fund for legislative members' expenses and $25,000 for the nonvoting members appointed by the governor. These funds are designated solely for per diem and mileage related to task force meetings and cannot be used for any other purpose. Any unspent funds will revert to the general fund by June 30, 2025. The act is effective immediately upon completion of the necessary legislative processes.