Bill > SB951

This bill modifies the existing Oklahoma statutes regarding commercial and agricultural leases managed by the Commissioners of the Land Office (CLO). The bill clarifies and updates several key provisions, including maintaining the existing limits on lease duration (55 years for commercial leases, 5 years for agricultural leases) and requiring public bidding at fair market value. A significant new provision requires that when a new agricultural lease is granted, the new lessee must reimburse the previous lessee for approved improvements that cannot be removed without damaging the land, with failure to do so considered a lease default. The bill also mandates that lessees pay property taxes on improvements, prohibits charging additional fees for irrigation if water is not sourced from CLO-owned lands, and requires the CLO to appraise certain improvements. Additionally, the bill allows the CLO to refuse bids from parties in default or with inadequate creditworthiness, and directs the CLO to create rules implementing these provisions. The bill will become effective on November 1, 2025, and updates various statutory references and language to provide more clarity and specificity in managing trust property leases.

Budget and Finance, Education

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb951&Session=2600