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ENGROSSED HOUSE AMENDMENT
TO
ENGROSSED SENATE BILL NO. 1090 By: Thompson of the Senate
and
Lawson of the House
[ public finance - Invest In Oklahoma program - State
Treasurer - personnel - promulgation of rules - Cash
Management and Investment Oversight Commission -
investments - reports - effective date ]
AUTHOR: Remove Representative Lawson as principal House author and
substitute with Representative Adams.
AMENDMENT NO. 1. Strike the stricken title, enacting clause, and
entire bill and insert:
"An Act relating to contracts; creating the Oklahoma
Homeowner Repair Contract Protection Act; defining
home solicitation contract; allowing a five-day
voidable contract period for homeowners; providing
right to cancel contract; providing cancellation
procedure; providing for codification; and providing
an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 1100 of Title 15, unless there
is created a duplication in numbering, reads as follows:
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This act shall be known and may be cited as the "Oklahoma
Homeowner Repair Contract Protection Act".
SECTION 2. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 1101 of Title 15, unless there
is created a duplication in numbering, reads as follows:
"Home solicitation contract" means entering into a home repair
contract or services in which the home repair contractor or a person
acting for him or her engages in a personal solicitation of the sale
at a residence of the buyer, and the buyer's agreement is given to
the contractor or a person acting for him or her. It does not
include a sale made pursuant to a preexisting revolving contract, or
a contract made pursuant to prior negotiations between the parties
at a business establishment at a fixed location where goods or
services are offered or exhibited for sale. Nothing in this act
shall prohibit advertising, responding to homeowner-initiated
contact, or performing services when contacted directly by the
property owner.
SECTION 3. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 1102 of Title 15, unless there
is created a duplication in numbering, reads as follows:
A. In addition to any right otherwise to revoke an offer, the
homeowner has the right to cancel a home solicitation contract until
midnight of the fifth calendar day after the day on which the
homeowner signs an agreement for home repairs.
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B. Cancellation occurs when the homeowner gives written notice
of cancellation via certified mail to the contractor at the address
stated in the agreement or offer to purchase.
C. Notice of cancellation is given when it is deposited in a
mailbox properly addressed and postage prepaid.
D. Notice of cancellation given by the homeowner need not take
a particular form and is sufficient if it indicates by any form of
written expression the intention of the homeowner not to be bound by
the home solicitation sale.
SECTION 4. This act shall become effective November 1, 2026."
Passed the House of Representatives the 7th day of May, 2026.
Presiding Officer of the House of
Representatives
Passed the Senate the ____ day of __________, 2026.
Presiding Officer of the Senate
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ENGROSSED SENATE
BILL NO. 1090 By: Thompson of the Senate
and
Lawson of the House
[ public finance - Invest In Oklahoma program - State
Treasurer - personnel - promulgation of rules - Cash
Management and Investment Oversight Commission -
investments - reports - effective date ]
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 5. AMENDATORY 62 O.S. 2021, Section 2401, as
amended by Section 2, Chapter 375, O.S.L. 2024 (62 O.S. Supp. 2024,
Section 2401), is amended to read as follows:
Section 2401. A. The Oklahoma Center for the Advancement of
Science and Technology (OCAST) State Treasurer shall create an
“Invest In Oklahoma” program to provide entities in this state with
funds for opportunities to invest in Oklahoma-based private equity
funds, venture capital funds and growth funds, and direct
investments in Oklahoma companies. Opportunities for investment
shall also include private equity funds, venture capital funds and
growth funds that make substantial investments in this state.
B. OCAST shall select venture capital and growth funds to
qualify for investments within the Invest In Oklahoma Program The
State Treasurer may retain qualified investment advisors or
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fiduciary managers to assist in the selection of private equity,
venture capital, growth funds, and direct investments in Oklahoma
companies based on factors including, but not limited to:
1. Rate of return;
2. Years of operation;
3. Sufficiency of capitalization;
4. Investment performance track record;
5. Differentiation and sustainability of investment strategy;
6. Fee structure;
7. Background of limited partners; and
8. Ratio of capital invested in this state.
C. OCAST The State Treasurer shall exercise judgement and care,
under circumstances then prevailing, which persons of prudence,
discretion and intelligence exercise in the management of their own
affairs, for investment, considering the probable safety of their
capital as well as the probable income to be derived when
determining qualifying venture capital and growth funds to ensure
the funds are being appropriately managed and invested.
D. OCAST The State Treasurer shall develop a request for
proposal that includes the factors provided in subsection B of this
section. OCAST shall maintain a list of available venture capital
and growth funds which are participating in the Invest In Oklahoma
Program in which public entities are encouraged to invest for
investment advisors and fiduciary managers that include their
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qualifications and experiences in investing in private equity,
venture capital, growth funds, and direct investments in Oklahoma
companies. The Treasurer shall also maintain a list of available
private equity, venture capital, and growth funds who are operating
in Oklahoma.
SECTION 6. AMENDATORY 62 O.S. 2021, Section 2402, is
amended to read as follows:
Section 2402. A. The following public entities are encouraged
to and may invest up to five percent (5%) of their rolling three (3)
year three-year assets under management with the Invest In Oklahoma
Program program approved venture capital and growth funds as
provided in Section 2 of this act 2401 of this title:
1. The Board of Investors of the Tobacco Settlement Endowment
Trust Fund;
2. The Commissioners of the Land Office;
3. The Teachers’ Retirement System of Oklahoma;
4. The Oklahoma Public Employees Retirement System;
5. The Oklahoma Firefighters Pension and Retirement System;
6. The Oklahoma Police Pension and Retirement System;
7. The Oklahoma Law Enforcement Retirement System;
8. The State of Oklahoma Uniform Retirement System for Justices
and Judges; and
9. The Department of Wildlife Conservation Retirement Fund.
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B. The State Treasurer is encouraged to and may invest with the
Invest In Oklahoma program pursuant to subsection D of Section 89.2
of this title.
SECTION 7. AMENDATORY 62 O.S. 2021, Section 2403, as
amended by Section 3, Chapter 375, O.S.L. 2024 (62 O.S. Supp. 2024,
Section 2403), is amended to read as follows:
Section 2403. The Oklahoma Center for the Advancement of
Science and Technology State Treasurer shall promulgate rules to
enforce the provisions of the Invest In Oklahoma Act.
SECTION 8. AMENDATORY 62 O.S. 2021, Section 71.1, is
amended to read as follows:
Section 71.1. A. There is hereby created the Cash Management
and Investment Oversight Commission. The Commission shall consist
of five (5) members as follows:
1. The Director of the Office of Management and Enterprise
Services, or designee Governor;
2. The Bank Commissioner, or designee Lieutenant Governor;
3. The Administrator of the Oklahoma Department of Securities,
or designee State Auditor and Inspector;
4. One citizen member appointed by the The Speaker of the House
of Representatives who shall have a demonstrated expertise in public
or private investment finance and who shall serve at the Speaker’s
pleasure; and
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5. One citizen member appointed by the The President Pro
Tempore of the State Senate who shall be a certified public
accountant or public accountant with a demonstrated expertise in
public or private auditing procedures and who shall serve at the
President Pro Tempore’s pleasure.
B. The appointed members shall have no direct or indirect
business relationship with the State Treasurer or the State
Treasurer’s Office.
C. The Commission shall elect from its membership a chairperson
chair and vice-chairperson vice chair. Such officers shall serve
one-year terms and may be reelected. There shall be an Executive
Review Committee of the Cash Management and Investment Oversight
Commission consisting of the Director of the Office of Management
and Enterprise Services, the Bank Commissioner and the Administrator
of the Oklahoma Department of Securities or their respective
designees. The Director of the Office of Management and Enterprise
Services shall call a meeting to organize the Executive Review
Committee. The Executive Review Committee shall elect from its
membership a chairperson who shall serve for a period of one (1)
year and who may be reelected. The Executive Review Committee shall
meet at such times as it deems necessary for the performance of its
duties.
D. C. The Commission shall hold regular meetings at least once
each quarter, and at such other times as it deems necessary for the
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performance of its duties. The date, time and place of the meetings
shall be set by the Commission. The Office of Management and
Enterprise Services shall provide the administrative support
required by the Commission. The Commission shall be staffed by the
Office of Management and Enterprise Services who shall prepare all
materials and information needed by the Commission to perform its
duties and responsibilities. Meetings of the Commission and of the
Executive Review Committee of the Commission shall be subject to the
Oklahoma Open Meeting Act, and their records shall be public records
pursuant to the Oklahoma Open Records Act.
E. D. The Commission in conjunction with the State Auditor and
Inspector shall develop a standardized and uniform reporting system
which the State Treasurer shall use to make the reports required by
Section 89.7 of this title. The Commission shall prescribe such
forms in order to obtain an objective and accurate analysis of the
investment of state funds by the State Treasurer and to obtain an
accurate analysis of investment performance according to an
objective standard established by the Commission. The Commission
shall not be subject to the provisions of the Administrative
Procedures Act for purposes of developing the reporting system
required by this subsection. The Commission shall review the
reports prepared by the State Treasurer pursuant to Section 89.7 of
this title. The Commission shall review with the State Treasurer
investment strategies and practices and the development of internal
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auditing procedures and practices. The Commission shall review the
reports submitted by the State Treasurer and shall identify any
event, transaction or trend which the Commission determines to
represent a violation or potential violation of law or public policy
regarding the investment of state funds. The Commission shall
specifically identify its concerns or objections and shall
communicate such concerns or objections in writing to the State
Treasurer.
F. E. The Commission staff shall submit a written report to
each member of the Commission for each month quarter of the calendar
year which specifically identifies entities with whom or with which
the State Treasurer has transacted business related to investment of
any state funds during the applicable reporting period. Any person
or entity to whom or to which any form of compensation has been or
will be paid for services rendered to the Office of the State
Treasurer’s Office Treasurer related to the investment of state
funds shall be identified in the report. The report shall also be
submitted to the Director of the Office of Management and Enterprise
Services, the State Auditor and Inspector, the Speaker of the House
of Representatives, the President Pro Tempore of the Senate and the
Governor.
G. F. Members of the Commission shall serve without
compensation, except for travel, pursuant to the State Travel
Reimbursement Act, to be paid by the appointing authority.
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H. G. The Commission may make written recommendations for
changes in legislation to the Legislature or in the policies or
procedures and practices of the State Treasurer to the State
Treasurer.
I. H. The Commission shall determine the positions, including,
but not limited to, the investment officer, in the Office of the
State Treasurer’s Office Treasurer which shall require criminal
background investigations by the Oklahoma State Bureau of
Investigation. The Bureau shall advise the State Treasurer and the
Cash Management and Investment Oversight Commission in writing of
the results of the investigation.
SECTION 9. AMENDATORY 62 O.S. 2021, Section 89.2, is
amended to read as follows:
Section 89.2. A. The State Treasurer is directed to invest the
maximum amount of funds under control of the State Treasurer
consistent with good business practices. Except as otherwise
provided for by law, the investments shall earn not less than the
rate for comparable maturities on United States Treasury
obligations. Except as otherwise provided for by law, the State
Treasurer may purchase and invest only in:
1. Obligations of the United States Government government, its
agencies and instrumentalities, or other obligations fully insured
or unconditionally guaranteed as to the payment of principal and
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interest by the United States government or any of its agencies and
instrumentalities;
2. Collateralized or insured certificates of deposit and other
evidences of deposit at banks, savings banks, savings and loan
associations and credit unions located in this state;
3. Negotiable certificates of deposit issued by a nationally or
state-chartered bank, a savings bank, a savings and loan association
or a state-licensed branch of a foreign bank. Purchases of
negotiable certificates of deposit shall not exceed ten percent
(10%) of the cash available for investment which may be invested
pursuant to this section. Not more than one-half (1/2) of the ten
percent (10%) limit shall be invested in any one financial
institution specified in this paragraph;
4. Prime banker’s acceptances which are eligible for purchase
by the Federal Reserve System and which do not exceed two hundred
seventy (270) days’ maturity. Purchases of prime banker’s
acceptances shall not exceed ten percent (10%) of the cash available
for investment which may be invested pursuant to this section. Not
more than three-fourths (3/4) of the ten percent (10%) limit shall
be invested in any one commercial bank pursuant to this paragraph;
5. Prime commercial paper which shall not have a maturity that
exceeds one hundred eighty (180) days nor represent more than ten
percent (10%) of the outstanding paper of an issuing corporation.
Purchases of prime commercial paper shall not exceed seven and one-
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half percent (7 1/2%) of the cash available for investment which may
be invested pursuant to this section;
6. Investment grade obligations of state and local governments,
including obligations of Oklahoma state public trusts which possess
the highest rating from at least one nationally recognized rating
agency acceptable to the State Treasurer. Purchases of investment
grade obligations of state and local governments shall not exceed
ten percent (10%) of the cash available for investment which may be
invested pursuant to this section;
7. Repurchase agreements, provided that such agreements are
included within the written investment policy required by subsection
D of this section that have underlying collateral consisting of
those items and those restrictions specified in paragraphs 1 through
6 of this subsection;
8. Money market funds and short term bond funds regulated by
the Securities and Exchange Commission and which investments consist
of those items and those restrictions specified in paragraphs 1
through 7 of this subsection; and
9. Bonds, notes, debentures or other similar obligations of a
foreign government which the International Monetary Fund lists as an
industrialized country and for which the full faith and credit of
such nation has been pledged for the payment of principal and
interest; provided, that any such security shall be rated at least
A- or better by Standard & Poor’s Corporation S&P Global or A3 or
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better by Moody’s Investors Service, or an equivalent investment
grade by a securities ratings organization accepted by the National
Association of Insurance Commissioners; and provided further, that
the total investment in such foreign securities at any one time
shall not exceed five percent (5%) of the cash available for
investment which may be invested pursuant to this section. In no
circumstance shall investments be made in bonds, notes, debentures
or any similar obligations of a foreign government that:
a. is identified as a state sponsor of terrorism by the
United States Department of State, or
b. any authoritarian or totalitarian government the
sovereign powers of which are exercised through a
single person or group of persons who are not elected
by any form of legitimate popular voting.
B. Investments shall be made with judgment and care, under
circumstances then prevailing, which persons of prudence, discretion
and intelligence exercise in the management of their own affairs,
not for speculation, but for investment, considering the probable
safety of their capital as well as the probable income to be
derived.
C. The State Treasurer shall appoint an investment officer who
shall perform duties related to the investment of state funds in the
Office of the State Treasurer. The investment officer shall not
perform or supervise any accounting functions, data processing
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functions or duties related to the documentation or settlement of
investment transactions.
D. The State Treasurer may invest up to five percent (5%) of
the maximum amount of funds under the control of the State Treasurer
invested pursuant to subsection A of this section into the Invest In
Oklahoma program.
E. Investments of public funds by the State Treasurer shall be
made in accordance with written policies developed by the State
Treasurer. The written investment policies shall address:
1. Liquidity;
2. Diversification;
3. Safety of principal;
4. Yield;
5. Maturity and quality; and
6. Capability of investment management.
The State Treasurer shall place primary emphasis on safety and
liquidity in the investment of public funds. To the extent
practicable, taking into account the need to use sound investment
judgment, the written investment policies shall include provision
for utilization of a system of competitive bidding in the investment
of state funds. The written investment policies shall be designed
to maximize yield within each class of investment instrument,
consistent with the safety of the funds invested.
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E. F. The State Treasurer shall select one custodial bank to
settle transactions involving the investment of state funds under
the control of the State Treasurer. The State Treasurer shall
review the performance of the custodial bank at least once every
year. The State Treasurer shall require a written competitive bid
every five (5) years. The custodial bank shall have a minimum of
Five Hundred Million Dollars ($500,000,000.00) in assets to be
eligible for selection. Any out-of-state custodial bank shall have
a service agent in the State of Oklahoma this state so that service
of summons or legal notice may be had on such designated agent as is
now or may hereafter be provided by law. In order to be eligible
for selection, the custodial bank shall allow electronic access to
all transaction and portfolio reports maintained by the custodial
bank involving the investment of state funds under control of the
State Treasurer. The access shall be given to both the State
Treasurer and to the Cash Management and Investment Oversight
Commission. The requirement for electronic access shall be
incorporated into any contract between the State Treasurer and the
custodial bank. Neither the State Treasurer nor the custodial bank
shall permit any of the funds under the control of the State
Treasurer or any of the documents, instruments, securities or other
evidence of a right to be paid money to be located in any place
other than within a jurisdiction or territory under the control or
regulatory power of the United States Government government.
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F. G. The investment policy shall specify the general
philosophy, policies and procedures to be followed in the investment
of state monies by the State Treasurer. The investment policy shall
include, but not be limited to, the following:
1. Policy objectives;
2. Performance measure objectives;
3. Authority for investment program;
4. Possible use of an investment advisory committee;
5. Reporting and documentation of investments;
6. Authorized investment instruments;
7. Diversification of investment risk;
8. Maturity limitations;
9. Selections of financial institutions;
10. Interest controls;
11. Safekeeping of investments;
12. Investment ethics; and
13. Formal adoption of policy.
G. H. The State Treasurer shall provide weekly quarterly
reports of all investments made by the State Treasurer if requested
by the Cash Management and Investment Oversight Commission, and list
any commissions, fees or payments made for services regarding such
investments. The reports required by this subsection shall be
delivered to the Commission within three (3) business days of the
end of the applicable week.
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H. I. Not later than July 1 of each year, the State Treasurer
shall forward a copy of the written investment policy to the
Governor, the Speaker of the House of Representatives, the President
Pro Tempore of the Senate, the Attorney General, the Bank
Commissioner, and the Director of the Office of Management and
Enterprise Services Cash Management and Investment Oversight
Commission. In addition, the State Treasurer shall maintain one
copy of the investment policy in the office Office of the State
Treasurer for public inspection during regular business hours.
Copies of any modifications to the investment policy shall be
forwarded to the Governor, Speaker of the House of Representatives,
President Pro Tempore of the Senate, and each member of the Cash
Management and Investment Oversight Commission.
SECTION 10. AMENDATORY 62 O.S. 2021, Section 89.7, is
amended to read as follows:
Section 89.7. A. The State Treasurer shall prepare monthly
quarterly and annual investment performance reports of the Office of
the State Treasurer’s Office Treasurer in the form and manner
required by the Cash Management and Investment Oversight Commission
after consultation with the State Treasurer which summarize recent
market conditions, economic developments and anticipated investment
conditions and the investment plan performance, including portfolio
diversification and rates of return measured against the investment
plan of the State Treasury. The annual investment performance
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report shall be submitted to the Commission and shall be made within
ninety (90) calendar days after the end of the fiscal year. The
monthly quarterly investment performance reports shall be submitted
to the Executive Review Committee Commission and shall be made
within thirty (30) days after the end of the applicable month. The
investment performance reports shall specify the investment
strategies employed in the most recent reporting period and describe
the investment portfolio of the state in terms of:
1. Securities;
2. Maturities;
3. Fund type;
4. Financial institutions from which securities were purchased,
including the amounts and the city and state of location;
5. Investment return compared to budgetary expectations;
6. Average yield; and
7. Average life of the portfolio.
The investment performance reports shall also indicate any areas of
concern which the State Treasurer has concerning the basic
investment strategies being employed. The investment performance
reports shall contain:
a. combined and individual rates of return and a list of
all losses by category of investment, over periods of
time;,
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b. the rate of return on deposits and all fees and
expenses charged as to all depository financial
institutions of the State Treasury and a specific
review of the adequacy of the collateralization;,
c. any other information that the State Treasurer may
include;, and
d. such other information that the Cash Management and
Investment Oversight Commission created by Section
71.1 of this title may request and that the State
Treasurer agrees to include in the investment
performance reports.
B. To the extent that the State Treasurer should have reason to
know, the State Treasurer shall also include in the investment
performance reports a listing of all payments, fees, commissions, or
other compensation received by any person, including, but not
limited to, individuals, financial institutions, or investment
companies or corporations, which have an investment agreement,
contract, or other arrangement with the State Treasurer, or who
receive any compensation as a result of a transaction involving the
investment of state monies or funds or the purchase, sale, or trade
of securities or bonds involving the Office of the State Treasurer.
Said The listings shall also include the social security or federal
identification number of any person, including, but not limited to,
individuals, financial institutions, or investment companies or
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corporations, receiving payments, fees, commissions, or other
compensation.
C. The annual investment performance report shall be written in
simple and easily understood language containing:
a. an
1. An analysis of the written investment plans developed by the
State Treasurer as required by law;
b. a
2. A quantitative analysis of the performance of all depository
financial institutions approved by the State Treasurer, with regard
to monies deposited;
c. the
3. The result of the analyses prepared pursuant to
subparagraphs a and b paragraphs 1 and 2 of this paragraph
subsection compared with similar data for other states;
d. recommendations
4. Recommendations on administrative and legislative changes
which are necessary to improve the performance of the State Treasury
in accordance with current standards for large public fund portfolio
management; and
e. a
5. A listing by object code of the expenses of the State
Treasury as audited by the independent auditor provided by Section
89.10 of this title.
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D. The State Treasurer shall distribute the investment
performance reports to the Governor, the President Pro Tempore of
the Senate, the Speaker of the House of Representatives, the State
Auditor and Inspector, the Attorney General, and members of the Cash
Management and Investment Oversight Commission. Upon request, the
State Treasurer shall make the annual investment performance report
available to the members of the Legislature and the general public.
The annual investment performance report shall also include an
investment plan for the ensuing fiscal year.
E. The State Treasurer shall require all employees in the State
Treasury to sign an anti-collusion affidavit. Execution of a false
affidavit shall make such employees subject to disciplinary action,
including, but not limited to, termination, criminal prosecution or
both.
F. The State Treasurer shall require an anti-collusion
affidavit from brokers or other persons offering investment services
to the State Treasury. The State Treasurer shall be prohibited from
employing or doing business with any brokers or persons offering
investment services to the State Treasury who have not executed such
an affidavit.
G. The Cash Management and Investment Oversight Commission
shall certify that the State Treasurer has delivered to the
Commission the monthly and annual quarterly investment performance
reports and the annual financial report required by this section.
ENGR. S. B. NO. 1090 Page 20
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If the Commission determines that these reports have not been
delivered by the State Treasurer as required by law, the Commission
shall notify in writing the Governor, the Speaker of the House of
Representatives, the President Pro Tempore of the Senate, the
Attorney General, and the State Auditor and Inspector.
SECTION 11. This act shall become effective November 1, 2025.
Passed the Senate the 24th day of March, 2025.
Presiding Officer of the Senate
Passed the House of Representatives the ____ day of __________,
2025.
Presiding Officer of the House
of Representatives