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Bill > SB1476

OK SB1476

OK SB1476
Commissioners of the Land Office; modifying the powers and authority of the Commissioners. Effective date. Emergency.

summary

Introduced
02/02/2026
In Committee
02/17/2026
Crossed Over
Passed
Dead

Introduced Session

2026 Regular Session

Bill Summary

An Act relating to Commissioners of the Land Office; amending 64 O.S. 2021, Sections 1002, 1002A, 1003, 1004, 1006, 1007, 1010, 1011, 1013, as amended by Section 40, Chapter 228, O.S.L. 2022, 1022, 1023, as amended by Section 1, Chapter 360, O.S.L. 2025, 1034, 1047, 1052, 1053, 1055, 1056, 1063, 1069, 1071, 1086, 1089, and 1, Chapter 429, O.S.L. 2024 (64 O.S. Supp. 2025, Sections 1013, 1023, and 1096), which relate to the Commissioners of the Land Office Modernization Act; modifying the powers and authority of the Commissioners; allowing, rather than requiring, the Commissioners to exchange land for certain properties; authorizing, rather than requiring, the Commissioners to request certain easement via petition; replacing reference to realtors with reference to real estate licensees; authorizing licensees to be used for certain purpose; directing the Lieutenant Governor to serve as vice chair in the absence of certain election; modifying authority of Secretary of the Land Office; directing the Commissioners to maintain certain licenses for certain employees; removing language creating a cash drawer change fund; allowing the permanent school fund to be invested in certain investments; removing language providing for calculation of investments in real property; allowing the Commissioners to retain external real estate property managers; modifying method for choosing investment managers and investment property managers; allowing investment real estate property managers full discretion on certain leasing and operations; directing execution of certain leases upon approval of the Secretary of the Land Office; exempting certain leases from term limitations; defining term; removing references to the Cash Management and Investment Oversight Commission; requiring electronic submission of certain report; prohibiting the Commissioners from taking any action to impede certain development; exempting certain investment real estate from certain term limitations; directing investment real estate leases to provide for certain value; prohibiting an abstention from being considered in certain vote; requiring the Commissioners to advertise certain sale of lands and improvements; modifying frequency of publication of sale; allowing certain designee to provide certain information; clarifying requirement to appraise certain improvements; allowing certain public auction to be held via live bidding or a combination of live and online bidding; allowing the Commissioners to issue certain patent to certain purchaser; directing patent or deed to contain certain provisions; clarifying the authority of the Commissioners over certain leasing; allowing oil and gas leases to be encumbered; modifying source of funds for the Multiyear Education Distribution Stabilization Revolving Fund; allowing the Commissioners to convey certain execution ability to the Secretary of the Land Office; providing for approval of exchange of state-owned lands; clarifying application of certain contracting requirement; making language gender neutral; updating statutory reference; updating statutory language; repealing 64 O.S. 2021, Sections 1014, 1021, 1030, 1050, 1054, and 1061, which relate to the Commissioners of the Land Office Modernization Act; providing an effective date; and declaring an emergency.

AI Summary

This bill modifies the powers and authority of the Commissioners of the Land Office, which manages state school lands and their investments, by allowing them to exchange land for certain properties instead of requiring it, and to request easements via petition rather than mandating it. It also updates terminology from "realtors" to "real estate licensees" and allows these licensees to be used for securing tenants and assisting with property sales, with compensation on a commission basis. The bill designates the Lieutenant Governor to serve as vice chair if no other vice chair is elected, and clarifies the authority of the Secretary of the Land Office in organizing the office's structure. It mandates that the Commissioners maintain real estate licenses for certain employees and allows the permanent school fund to be invested in a broader range of assets, including private equity and private credit, while removing specific calculations for real property investments. The Commissioners are now authorized to hire external real estate property managers who will have discretion over leasing and operations, with leases requiring approval from the Secretary of the Land Office and some investment real estate leases being exempt from term limitations. The bill also changes how investment managers are chosen, requires electronic submission of certain reports, prohibits actions that impede development, and mandates that investment real estate leases provide for fair market value. It clarifies voting procedures, stating that an abstention is not counted as a vote, and modifies the advertising and frequency of land and improvement sales, allowing for combined live and online auctions and the issuance of patents or deeds with specific provisions. Oil and gas leases can now be encumbered, and the source of funds for the Multiyear Education Distribution Stabilization Revolving Fund is modified. The bill also allows the Commissioners to delegate execution abilities to the Secretary of the Land Office, requires unanimous votes for private sales or exchanges of state-owned lands, and updates various statutory references and language, while repealing several existing sections related to the Land Office Modernization Act.

Committee Categories

Education

Sponsors (2)

Last Action

Placed on General Order (on 02/19/2026)

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