SB 1090: Contracts; creating the Oklahoma Homeowner Repair Contract Protection Act. Effective date. - Oklahoma

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

MODERATE

The bill text was converted from the House version to the Senate floor version, which includes a detailed summary of the bill's purpose and reorganizes the statutory sections. The substantive policy content regarding the 'Invest In Oklahoma' program, including funding criteria, eligible entities, and commission membership, remains identical to the House version.

Scope change

The bill's scope and applicability remain unchanged; the text reflects a procedural versioning update from the House to the Senate.

TECHNICAL

The header was updated to reflect the Senate Floor Version with a new date (March 4, 2025) and a detailed summary of the bill's provisions was added to the top of the text.

Page numbering and formatting markers were updated to reflect the Senate version sequence.

The House-specific header and introductory text were removed.

The statutory text for Sections 1 through 4 was reorganized and renumbered to match the Senate floor version format, but the actual legal language and policy requirements are identical to the House version.

Committee Substitute → Floor (House) · 2 edits

MINOR

The bill was updated from a 'Committee Substitute' version to the 'Floor (House)' version, changing the legislative session from the 1st to the 2nd session of the 60th Legislature (2025 to 2026). The substantive policy content regarding the 'Invest In Oklahoma' program and the Cash Management and Investment Oversight Commission remains identical to the previous version, with no new funding amounts, eligibility criteria, or enforcement mechanisms introduced in this specific diff.

TIMELINE

The legislative session was updated from the 1st Session of the 60th Legislature (2025) to the 2nd Session of the 60th Legislature (2026).

TECHNICAL

The document header was changed from 'Committee Substitute' to 'Engrossed Senate' and 'House of Representatives - Floor Version', indicating the bill has passed the Senate and is now on the House floor.

Proposed Committee Substitute (sub committee) 1 → Committee Substitute · 2 edits

MINOR

The bill was completely rewritten to replace the proposed committee substitute with a final committee version. The substantive policy content regarding the 'Invest In Oklahoma' program, eligible entities, and commission membership remains identical to the previous draft, with no new funding amounts, eligibility criteria, or dates introduced in this specific amendment.

Scope change

The scope of the bill remains unchanged as the substantive text was retained from the prior version.

TECHNICAL

Removed the header identifying the document as a 'Proposed Subcommittee Substitute' and replaced it with 'Committee Substitute', indicating the bill has passed the committee stage and is ready for floor consideration.

Adjusted page numbering and formatting headers to align with the official 'Committee Substitute' version, while the legislative text of the act itself was not altered.

Engrossed → Proposed Committee Substitute (sub committee) 1 · 4 edits

MODERATE

The bill was replaced by a proposed committee substitute that retains the core structure of the original legislation but includes minor text corrections and formatting adjustments. The substantive policy regarding the 'Invest In Oklahoma' program, funding limits, and commission composition remains unchanged.

TECHNICAL

Corrected a typo in Section 2402 where the word 'judgement' was duplicated to read 'judgment and care'.

Adjusted the phrasing in Section 2402 regarding the Treasurer's investment authority to clarify the reference to the Invest In Oklahoma program.

Reorganized the list of commission members in Section 71.1 to fix a numbering error and ensure the list flows logically from the Governor to the President Pro Tempore.

Fixed a grammatical error in Section 71.1 regarding the appointment of a citizen member by the Speaker of the House, removing the redundant word 'The'.

Amended And Engrossed → Engrossed · 6 edits · Mar 25, 2025

MODERATE

The bill was amended to remove a separate 'Homeowner Repair Contract Protection Act' and replace it with a new 'Invest In Oklahoma' program focused on public investment in state-based private equity, venture capital, and growth funds. This change shifts the legislation's focus from consumer protection in home repairs to economic development through state capital investment. The amendment also restructured the oversight commission, adding citizen members with finance expertise and clarifying the Treasurer's authority to select investment advisors.

Scope change

The bill's scope changed from protecting homeowners from high-pressure sales contracts to establishing a public investment program for Oklahoma-based private equity and growth funds.

SCOPE

Removed the entire 'Homeowner Repair Contract Protection Act' text, which previously defined home solicitation contracts and provided homeowners a five-day right to cancel repair agreements.

Added a new 'Invest In Oklahoma' program allowing the State Treasurer to invest public funds in private equity, venture capital, and growth funds that make substantial investments in Oklahoma companies.

ELIGIBILITY

Modified the list of eligible public entities to invest, adding the Oklahoma Firefighters, Police, and Law Enforcement Pension Systems, and the Department of Wildlife Conservation Retirement Fund to the existing Tobacco Settlement and Land Office funds.

ADDED

Added new requirements for the oversight commission, including two new citizen members appointed by the Speaker of the House and President Pro Tempore of the Senate who must have demonstrated expertise in public or private investment finance and auditing.

REQUIREMENT

Modified the investment selection criteria to include specific factors such as rate of return, years of operation, capitalization, investment performance track record, fee structure, and the ratio of capital invested in Oklahoma.

ENFORCEMENT

Added authority for the State Treasurer to retain qualified investment advisors or fiduciary managers to assist in selecting and managing the investment funds.

Introduced → Amended And Engrossed · 5 edits · Mar 25, 2025

MODERATE

The bill was completely replaced with a new piece of legislation. The original text, which created a fund for school districts to invest carryover funds, was removed. It was replaced by a new act establishing the 'Oklahoma Homeowner Repair Contract Protection Act,' which grants homeowners a five-day right to cancel home repair contracts initiated through personal solicitation at their residences.

Scope change

The bill's scope shifted entirely from public education finance to consumer protection for homeowners.

SCOPE

The original bill creating the Oklahoma School Districts Carryover Investment Fund and amending state aid formulas was removed.

A new bill was added to create the Oklahoma Homeowner Repair Contract Protection Act.

DEFINITION

A new definition was added for 'home solicitation contract,' covering repairs sold via personal solicitation at a resident's home.

REQUIREMENT

A new requirement was added giving homeowners the right to cancel such contracts within five days of signing.

TIMELINE

The new act was set to become effective on November 1, 2026.

Contracts; creating the Oklahoma Homeowner Repair Contract Protection Act. Effective date.

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