OK SB277

Establishes the Citizens Land Banks Development Commission as a nine-member advisory commission with three members appointed by the Governor, President Pro Tempore of the Senate, and Speaker of the House, serving staggered initial terms followed by four-year terms with a two-consecutive-term limit.

Creates the Citizens Land Banks Revolving Fund in the State Treasury to receive and manage funds from local, state, federal, and private sources, with the Oklahoma Department of Commerce providing staffing and administrative support.

Authorizes municipalities and counties to create citizen-owned Citizens Land Banks that can acquire land and natural resources, borrow on behalf of shareholders, and enable equal lifetime nontransferable property ownership stakes and voting power for residents.

Requires 51% of registered voters in a proposed district to petition local governing bodies for creation of a Citizens Land Bank, with public hearings held after three weeks of newspaper notice and a 30-day withdrawal period for petitioners before ordinance adoption.

Requires the Commission chair to submit annual executive summaries to the Governor and Legislature by December 1 of each year, including findings and recommendations regarding Citizens Land Banks establishment and operation; effective November 1, 2015.