OK HB1582

Amends 64 O.S. 2011, Section 1023 to authorize the Commissioners of the Land Office to grant commercial leases up to 55 years and agricultural leases up to 5 years on trust property.

Requires commercial leases exceeding 3 years and all agricultural leases to be granted through public bidding at fair market value, with fair market value maintained throughout the lease term.

Grants current lessees the right of first refusal to renew commercial or agricultural leases without public bidding requirements when their lease expires.

Allows the Land Office to refuse bids or leases from parties in default on previous leases or unable to demonstrate adequate creditworthiness.

Becomes effective November 1, 2015.