Cities and towns; creating the Oklahoma Land Bank Act. Effective date. Emergency.

SB 1478 creates the "Oklahoma Land Bank Act," allowing cities, towns, and counties (municipalities) to establish land banks - entities that acquire, hold, and transfer vacant or underused land for redevelopment. Municipalities must create land banks via local ordinance, establishing boards of 5-11 members (with specific rules for appointments, terms, and conflicts of interest), and land banks gain tax exemptions on properties they hold. The bill outlines how land banks can acquire property (including through tax foreclosure), sell it under defined procedures, and operate under Oklahoma Open Meeting and Records Acts, while enabling school districts to participate via agreements. It directly affects municipalities seeking to revitalize blighted areas and landowners facing tax delinquency or foreclosure.