Bill > SB1090

This bill, titled the "Oklahoma Homeowner Repair Contract Protection Act," establishes new protections for homeowners entering into home repair contracts. It defines a "home solicitation contract" as one where a contractor personally solicits the sale at a buyer's residence, and the buyer agrees to the terms. Importantly, this definition excludes sales made through pre-existing contracts or prior negotiations at a business establishment, and it does not prohibit advertising or responding to homeowner-initiated contact. The core provision grants homeowners the right to cancel a home solicitation contract within five calendar days of signing, requiring written notice sent via certified mail to the contractor. The bill also makes significant changes to the "Invest In Oklahoma" program, transferring oversight and management from the Oklahoma Center for the Advancement of Science and Technology (OCAST) to the State Treasurer, who will now be responsible for selecting investment advisors, managing investments in private equity, venture capital, growth funds, and direct investments in Oklahoma companies, and promulgating rules for the program. Additionally, the bill modifies the composition and responsibilities of the Cash Management and Investment Oversight Commission, shifting its focus to advising the State Treasurer on investment strategies and reporting, and adjusts reporting requirements for the State Treasurer from monthly to quarterly. The effective date for the homeowner protection provisions is November 1, 2025, while the changes to the "Invest In Oklahoma" program and related oversight provisions become effective November 1, 2026.