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Bill > HB4003
OK HB4003
OK HB4003Tobacco Settlement Endowment Trust; creating the Funding the Future of Oklahoma TSET Modernization Act; effective date.
summary
Introduced
02/02/2026
02/02/2026
In Committee
04/01/2026
04/01/2026
Crossed Over
03/30/2026
03/30/2026
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
An Act relating to the Tobacco Settlement Endowment Trust; creating the Funding the Future of Oklahoma - TSET Modernization Act; amending 62 O.S. 2021, Section 2302, which relates to the purpose of the Tobacco Settlement Endowment Trust Fund; eliminating reference to the Tobacco Settlement Endowment Trust Fund Board of Directors; expanding duties of the Tobacco Settlement Endowment Trust Fund Board of Investors; amending 62 O.S. 2021, Section 2304, which relates to the Appointments of the Board of Investors and Directors of the Tobacco Settlement Endowment Trust Fund; eliminating reference and appointment process of the Board of Directors; amending 62 O.S. 2021, Section 2306, which relates to the duties of the Board of Investors of the Tobacco Settlement Endowment Trust Fund; limiting investment in certain asset type; eliminating certain duties; establishing duty to distribute trust fund earnings under referenced methodologies; amending 62 O.S. 2021, Section 2307, which relates to determination of earnings of the Tobacco Settlement Endowment Trust Fund; eliminating certain consideration; adding certain consideration; creating the TSET Legacy Effort Revolving Fund; placing the fund under the State Department of Health; establishing revolving fund characteristics; requiring and limiting expenditure for certain purpose; providing expenditure and budgeting procedures; providing for Legacy Effort Grants; establishing eligibility; exempting awards from the Oklahoma Central Purchasing Act; requiring the development and implementation of certain processes; providing for confidential treatment of applications and proposals during certain periods; establishing applicability of the Oklahoma Open Records Act and the Oklahoma Open Meeting Act under certain conditions; limiting total amount of awards; authorizing the promulgation of rules; repealing 62 O.S. 2021, Sections 2308, 2309, and 2310, which relate to the Board of Directors of the Tobacco Settlement Endowment Trust Fund and the Board's powers and budget; providing for noncodification; providing for codification; and providing a conditional effective date.
AI Summary
This bill, titled the "Funding the Future of Oklahoma - TSET Modernization Act," makes several changes to the Tobacco Settlement Endowment Trust Fund (TSET), which was established to manage funds from settlements with tobacco companies. Key provisions include eliminating the separate Board of Directors for TSET and consolidating all responsibilities under the Board of Investors, expanding the duties of the Board of Investors to include administering and transferring trust fund earnings according to constitutional requirements, and limiting investments in venture capital to no more than ten percent of the trust's value. The bill also creates a new "TSET Legacy Effort Revolving Fund" under the State Department of Health to provide grants to entities that were already receiving TSET grants in 2025, with specific procedures for grant applications and awards, including exemptions from certain state purchasing laws and confidentiality protections for applications during the review process. Additionally, the bill repeals existing sections related to the former Board of Directors and establishes a conditional effective date tied to the adoption of a related State Question.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Senate Appropriations Hearing (15:30:00 4/22/2026 Room 535) (on 04/22/2026)
Official Document
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