OK HB1541

Places the Oklahoma Center for the Advancement of Science and Technology under the authority of the Department of Commerce, transferring all assets, personnel, liabilities, and contractual obligations.

Places the Oklahoma Industrial Finance Authority under the authority of the Department of Commerce with the same transfer of assets, personnel, liabilities, and contractual obligations.

Requires transferred employees to retain pay, benefits, longevity, insurance coverage, seniority, and other privileges to the extent possible.

Mandates both consolidated entities achieve budgetary savings for fiscal year ending June 30, 2012, and each subsequent fiscal year through consolidation efficiencies.

Requires property conveyances and transfer documents to be executed by January 1, 2012, with all rules from the original entities remaining enforceable until the Department of Commerce establishes new rules.