Crimes and punishments; modifying threshold amounts for certain penalties; effective date.

HB 1622 amends Oklahoma's larceny statute to lower the threshold for misdemeanor penalties when stealing retail or wholesale merchandise. It reduces the value threshold from $1,000 to $500 for first or second convictions, meaning thefts under $500 now carry misdemeanor penalties (up to 30 days jail or $500 fine), while thefts of $500-$2,500 remain felonies. The bill also clarifies that multiple thefts within 180 days can be combined to determine penalties, and requires restitution for victims. This directly affects individuals convicted of retail theft in Oklahoma, altering the severity of penalties based on the stolen property's value.