HB 1590: Public finance; enacting the Education Infrastructure Linked Deposit Program Act; administration of program; guidelines; loans; State Treasurer; effective date. - Oklahoma

Floor (House) → Floor (Senate) · 4 edits

MODERATE

The bill was transitioned from the House to the Senate floor, resulting in minor formatting adjustments to the title page and section headers. A significant substantive addition was made in Section 6, which now explicitly requires lending institutions to apply standard credit worthiness criteria to borrowers and limits each entity to only one outstanding loan at a time, though refinancing is permitted. These changes clarify the financial safeguards and operational limits for the new education infrastructure funding program.

Scope change

The bill's scope remains the same, but the operational rules for lending institutions were expanded to include specific credit assessment requirements and loan limits.

REQUIREMENT

Added a mandate for lending institutions to apply standard credit worthiness assessments to all eligible education service entities.

Established a limit that only one linked deposit loan can be outstanding for any single education service entity at any given time.

Clarified that while the one-loan limit applies, the loan may be refinanced.

TECHNICAL

Updated the document header and section numbering to reflect the Senate floor version, including minor text alignment changes.

House Committee Substitute → Floor (House) · 2 edits

MINOR

The bill text was updated from the House Committee Substitute version to the Floor version, primarily involving formatting adjustments and the addition of co-sponsorship by Senator Daniels. No substantive policy changes, such as new funding amounts, eligibility criteria, or operational rules, were introduced in this specific diff.

TECHNICAL

Updated the header and title page to reflect the 'Floor Version' of the bill and added Senator Daniels as a co-sponsor alongside Representative Lepak.

Adjusted page footers and headers to match the standard format for the House Floor version, replacing the previous 'Committee Substitute' specific markings.

Proposed Policy Committee Substitute 1 → House Committee Substitute · 4 edits

MODERATE

The bill was amended to update the legislative session dates from 2025 to 2026 and remove the declaration of an emergency. Additionally, new requirements were added mandating that lending institutions apply standard credit checks to borrowers and restricting loans to only one outstanding package per entity at a time.

Scope change

The bill's scope remains focused on the Oklahoma Education Infrastructure Linked Deposit Program, but the applicability of the emergency clause was removed.

TECHNICAL

Updated the legislative session year from the 1st Session of 2025 to the 2nd Session of 2026.

Deleted the provision declaring an emergency to expedite the bill's effective date.

REQUIREMENT

Added a requirement for lending institutions to apply standard credit worthiness standards to all loan applicants.

Added a restriction limiting each education service entity to only one outstanding linked deposit loan at any given time.

Enrolled (final version) → Proposed Policy Committee Substitute 1 · 3 edits

MINOR

The bill was amended to replace the entire text with a Policy Committee Substitute version. The most significant substantive change is the replacement of the 'Statewide Charter School Board' with the term 'Board' in several sections, likely to broaden the administrative authority beyond just charter schools. Minor formatting adjustments were made to the emergency clause and page numbering.

Scope change

The scope of administrative oversight may have expanded by replacing a specific board name with a general term, though the specific legal definition of 'Board' remains tied to the Statewide Charter School Board in the definitions section.

REQUIREMENT

Replaced the specific name 'Statewide Charter School Board' with the general term 'Board' in Sections 5 and 6 regarding program administration and technical assistance.

TECHNICAL

Added the phrase 'declaring an emergency' to the end of the act's title description.

Adjusted page numbering and formatting headers to reflect the Policy Committee Substitute status.

Engrossed → Enrolled (final version) · 3 edits · Apr 29, 2026

MINOR

The bill transitioned from an 'Engrossed' draft to the final 'Enrolled' version, primarily updating the header information to reflect final legislative approval. The substantive policy text, including definitions, funding mechanisms, and procedural requirements for the Oklahoma Education Infrastructure Linked Deposit Program, remains unchanged.

TECHNICAL

The document title and header were updated from 'ENGROSSED HOUSE' to 'ENROLLED HOUSE' to signify the bill has passed both chambers and is ready for the Governor's signature.

The sponsor attribution line was updated to include 'Daniels of the Senate' in the final version, whereas the draft only listed the House sponsor.

A 'SUBJECT' line was added to the final version to categorize the bill under 'Public finance'.

Introduced → Engrossed · 1 edit · Apr 29, 2026

MINOR

The bill was significantly rewritten from a generic school loan act into a specific 'Oklahoma Education Infrastructure Linked Deposit Program' designed to fund physical construction and repairs for schools and charter schools. The new version establishes a formal program where the State Treasurer provides funding linked to deposits at eligible banks, replacing the previous vague authorization.

Scope change

The bill's scope narrowed from a general school loan act to a specific infrastructure program limited to nonprofit organizations and charter schools, focusing exclusively on building construction, expansion, or rehabilitation.

ENFORCEMENT

Added provisions for immunity from liability and procedures for reviewing and rejecting loan applications.

Public finance; enacting the Education Infrastructure Linked Deposit Program Act; administration of program; guidelines; loans; State Treasurer; effective date.

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