Public lands; Commissioners of the Land Office; hunting lease contracts; effective date.

HB 3943 amends Oklahoma law governing leases of public trust lands managed by the Commissioners of the Land Office. It sets a 55-year maximum for commercial leases (with public bidding required for leases over 3 years at fair market value), limits agricultural leases to 5 years with public bidding, and requires hunting leases to be offered at fair market value with prior notice to existing commercial/agricultural lessees. The bill also mandates that lessees pay property taxes on improvements, requires new lessees to reimburse previous lessees for permanent improvements, and allows the Land Office to reject bids from parties in default or without adequate creditworthiness. These changes directly affect landowners leasing public trust lands for commercial, agricultural, or hunting purposes. The bill takes effect November 1, 2026.