Larceny; establishing certain offense and providing penalty. Effective date.

SB 748 amends Oklahoma's larceny laws for theft from retail or wholesale businesses, establishing tiered penalties based on the value of stolen merchandise and prior convictions. It increases punishments for repeat offenses (e.g., third theft under $1,000 becomes a misdemeanor with up to 1 year in jail), classifies thefts of $1,000-$15,000 as felonies with prison terms up to 8 years, and requires restitution to victims. The bill also allows aggregating multiple thefts within 180 days for sentencing and imposes a $500 fine or 30 hours of community service for stealing shopping carts. This directly affects individuals who steal merchandise from stores, with penalties varying by value, frequency, and prior record.