Oklahoma legislation · 2026 Regular Session
Oklahoma SB951: Commissioners of the Land Office; granting of commercial and agricultural leases; providing for appraisal of certain improvements; directing certain reimbursement. Effective date.
Status: Chaptered, May 29, 2025
What the bill says
An Act relating to the Commissioners of the Land Office; amending 64 O.S. 2021, Section 1023, which relates to the granting of commercial and agricultural leases; providing for appraisal of certain improvements; directing certain lease to require certain reimbursement; providing condition for lease default; prohibiting charging of certain fees; providing for promulgation of rules; updating statutory reference; updating statutory language; and providing an effective date. SUBJECT: Commissioners of the Land Office.
From the enrolled text, May 22, 2025:
An Act relating to the Commissioners of the Land Office; amending 64 O.S. 2021, Section 1023, which relates to the granting of commercial and agricultural leases; providing for appraisal of certain improvements; directing certain lease to require certain reimbursement; providing condition for lease default; prohibiting charging of certain fees; providing for promulgation of rules; updating statutory reference; updating statutory language; and providing an effective date. SUBJECT: Commissioners of the Land Office SECTION 1. AMENDATORY 64 O.S. 2021, Section 1023, is amended to read as follows: Section 1023. A. The Commissioners of the Land Office are authorized to grant commercial leases and agricultural leases in trust property. Commercial leases shall not exceed fifty-five (55) years. The granting of any commercial lease in excess of three (3) years shall be by public bidding at not less than fair market value. All commercial leases shall provide for fair market value throughout the term of the lease. Agricultural leases of trust property shall be limited to a maximum of five (5) years and shall be by public bidding at not less than fair market value. The granting of any interest in trust property at less than fair market value or not in compliance with this section is void. Any permanent improvement made on commercial trust property from and after the passage of this act …