HB 1590 Oklahoma House · 2025 Regular Session

Schools; Oklahoma School Loan Act of 2025; effective date.

HB 1590 creates the "Oklahoma Education Infrastructure Linked Deposit Program" to provide low-interest loans for school infrastructure projects. It directly affects charter schools and nonprofit education service entities by allowing them to apply for loans through participating banks, using state-backed deposits as a funding mechanism. The bill requires loans to be used exclusively for building construction, expansions, or HVAC systems (not general operations), with banks prioritizing schools in areas with the greatest educational needs. The State Treasurer and Board will oversee application reviews, loan approvals, and annual reporting to state leaders.

Bill status died 1 of 4 stages cleared

Introduction

Feb 2025

Committee Review

Floor Vote

Governor

Introduced Feb 3, 2025 Last action Feb 24, 2025

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What changed between versions

Introduced → Proposed Policy Committee Substitute 1 · 5 edits

MODERATE

The bill was completely rewritten from a school loan act to an education infrastructure linked deposit program, changing the purpose from direct school loans to a deposit-based funding mechanism for eligible education service entities.

Scope change

The bill's scope changed from a school loan program to a broader education infrastructure funding program that uses deposit-linked mechanisms rather than direct loans.

SCOPE

Removed the original 'Oklahoma School Loan Act of 2025' title and replaced it with 'Oklahoma Education Infrastructure Linked Deposit Program'.

DEFINITION

Added new definitions for key terms including 'education service entity', 'education service entity infrastructure', and 'eligible lending institution'.

REQUIREMENT

Added requirements for the State Treasurer to disseminate program information and issue guidelines in coordination with the Statewide Charter School Board.

FISCAL

Changed funding mechanism from direct school loans to a deposit-based system where the State Treasurer places certificates of deposit with eligible lending institutions.

TIMELINE

Replaced the original effective date of November 1, 2025 with a codification provision that creates new sections in Title 62 of the Oklahoma Statutes.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Feb 24, 2025

Lower · Passed

Recommendation to the full committee; Do Pass, amended by committee substitute Appropriations and Budget Education Subcommittee

lower

Feb 19, 2025

Committee

Referred to Appropriations and Budget Education Subcommittee

lower

Feb 19, 2025

Committee

Referred to Appropriations and Budget

lower

Feb 3, 2025

Introduced

First Reading

lower

2 primary · 0 co-sponsors