OK SB1476

Amends the Commissioners of the Land Office Modernization Act to add "investment" as a new land category alongside agricultural and commercial, and authorizes investment in private equity, private credit, and real property up to 5% of permanent school fund assets.

Changes land exchange requirements from mandatory to permissive, allowing (rather than requiring) the Commissioners to exchange undeveloped land for privately held investment or commercial properties.

Grants external real estate property managers full discretion over leasing and operations of investment real estate, with the Secretary of the Land Office authorized to approve and execute leases without full Commissioner vote.

Exempts investment real estate leases from the 55-year commercial lease term limitation, provided they are managed by external property managers and lease terms are market-consistent.

Removes references to the Cash Management and Investment Oversight Commission, eliminates the cash drawer change fund provision, and repeals six sections of existing law (64 O.S. 2021, Sections 1014, 1021, 1030, 1050, 1054, and 1061), with an effective date of July 1, 2026.