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1 STATE OF OKLAHOMA
1
2 2nd Session of the 60th Legislature (2026)
2
3 SENATE BILL 1478 By: Kirt
3
4
4
5
5
6 AS INTRODUCED
6
7 An Act relating to cities and towns; creating the
7 Oklahoma Land Bank Act; providing short title;
8 defining terms; permitting municipalities to create a
8 land bank program; providing terms for the creation
9 of a board; permitting terms for hiring employees;
9 providing powers to facilitate land banks; providing
10 certain exemptions against taxation of land bank
10 property; providing certain terms of acquisition of
11 property; clarifying terms of disposition of
11 property; providing qualification of the financing of
12 land bank operations; providing terms for the
12 borrowing and issuance of bonds; requiring compliance
13 with the Oklahoma Open Meeting Act and the Oklahoma
13 Open Records Act; clarifying conflict of interest
14 terms; providing procedure for the creation of land
14 banks due to natural disasters; providing intent;
15 providing terms for enforcement of delinquent
15 property tax; permitting taxing units to sell
16 property for less than market value; requiring the
16 sale of property be in accordance with certain
17 procedures; clarifying the deed of conveyance;
17 clarifying bulk tax foreclosure terms; providing
18 terms for quiet title proceedings; providing for
18 codification; providing an effective date; and
19 declaring an emergency.
19
20
20
21 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
21
22 SECTION 1. NEW LAW A new section of law to be codified
22
23 in the Oklahoma Statutes as Section 57-100 of Title 11, unless there
23
24 is created a duplication in numbering, reads as follows:
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Req. No. 2751 Page 1
1 This act shall be known and may be cited as the "Oklahoma Land
1
2 Bank Act".
2
3 SECTION 2. NEW LAW A new section of law to be codified
3
4 in the Oklahoma Statutes as Section 57-101 of Title 11, unless there
4
5 is created a duplication in numbering, reads as follows:
5
6 As used in this act:
6
7 1. "Board of directors" or "board" shall mean the board of
7
8 directors of a land bank;
8
9 2. "Land bank" shall mean an entity established or approved by
9
10 the governing body of a municipality to acquire, hold, and transfer
10
11 unimproved real property for redevelopment under this act;
11
12 3. "Land bank jurisdiction" shall mean a municipality that is
12
13 authorized to participate in the property tax foreclosure and resale
13
14 process and that has the authority to create or approve public
14
15 authorities or entities for redevelopment or other public purposes;
15
16 4. "Municipality" shall mean a city, village, town, or county
16
17 other than a county located wholly within a city;
17
18 5. "School district" shall mean a school district as defined
18
19 under Oklahoma Statutes; and
19
20 6. "Real property" shall mean lands, lands under water,
20
21 structures, and any and all easements, air rights, franchises, and
21
22 incorporeal hereditaments and every estate and right therein, legal
22
23 and equitable, including terms for years and liens by way of
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24
24
Req. No. 2751 Page 2
1 judgment, mortgage, or otherwise, and any and all fixtures and
1
2 improvements located thereon.
2
3 SECTION 3. NEW LAW A new section of law to be codified
3
4 in the Oklahoma Statutes as Section 57-102 of Title 11, unless there
4
5 is created a duplication in numbering, reads as follows:
5
6 A. Any land bank jurisdiction may elect to create a land bank
6
7 by the adoption of an ordinance, rule, or resolution as appropriate
7
8 to such land bank jurisdiction which action specifies the following:
8
9 1. The name of the land bank;
9
10 2. The number of members of the board of directors, which shall
10
11 consist of an odd number of members, and shall be not less than five
11
12 members nor more than eleven members;
12
13 3. The initial individuals to serve as members of the board,
13
14 and the length of terms for which they are to serve; and
14
15 4. The qualifications, manner of selection or appointment, and
15
16 terms of office of members of the board.
16
17 B. Two or more land bank jurisdictions may elect to enter into
17
18 an intergovernmental cooperation agreement that creates a single
18
19 land bank to act on behalf of such land bank jurisdictions, which
19
20 agreement shall be authorized by and be in accordance with the
20
21 provisions of this act.
21
22 C. Any land bank jurisdiction and any municipality may elect to
22
23 enter into an intergovernmental cooperation agreement that creates a
23
24 single land bank to act on behalf of such land bank jurisdiction or
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Req. No. 2751 Page 3
1 units and municipality. Such intergovernmental cooperation
1
2 agreement shall specify the information required by subsection A of
2
3 this section.
3
4 D. A school district may participate in a land bank pursuant to
4
5 an intergovernmental cooperation agreement with the land bank
5
6 jurisdiction or units that create the land bank, which agreement
6
7 shall specify the membership, if any, of such school district on the
7
8 board of directors of the land bank, or the actions of the land bank
8
9 that are subject to approval by the school district.
9
10 E. Each land bank created pursuant to this act shall be an
10
11 entity established or approved by the governing body of a
11
12 municipality in accordance with the laws of this state and shall
12
13 have permanent and perpetual duration until terminated and dissolved
13
14 in accordance with the provisions of Section 13 of this act.
14
15 SECTION 4. NEW LAW A new section of law to be codified
15
16 in the Oklahoma Statutes as Section 57-103 of Title 11, unless there
16
17 is created a duplication in numbering, reads as follows:
17
18 This act shall apply only to land banks created pursuant to the
18
19 provisions of this act. If any provisions of this act conflict with
19
20 other sections of the laws of this state, the provisions of this act
20
21 shall prevail.
21
22 SECTION 5. NEW LAW A new section of law to be codified
22
23 in the Oklahoma Statutes as Section 57-104 of Title 11, unless there
23
24 is created a duplication in numbering, reads as follows:
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Req. No. 2751 Page 4
1 A. The initial size of the board of directors shall be
1
2 determined in accordance with Section 3 of this act. Subject to the
2
3 limits set forth in this section, the size of the board may be
3
4 adjusted in accordance with bylaws of the land bank.
4
5 B. Notwithstanding any other provision of law, any public
5
6 officer shall be eligible to serve as a board member and the
6
7 acceptance of the appointment shall neither terminate nor impair
7
8 such public office. For purposes of this section, "public officer"
8
9 shall mean a person who is elected to a municipal office. Any
9
10 municipal employee shall be eligible to serve as a board member.
10
11 C. The members of the board shall select annually from among
11
12 themselves a chair, a vice chair, a treasurer, and such other
12
13 officers as the board may determine, and shall establish their
13
14 duties as may be regulated by rules adopted by the board.
14
15 D. The board shall establish rules and requirements relative to
15
16 the attendance and participation of members in its meetings, regular
16
17 or special. Such rules and regulations may prescribe a procedure
17
18 whereby, should any member fail to comply with such rules and
18
19 regulations, such member may be disqualified and removed
19
20 automatically from office by no less than a majority vote of the
20
21 remaining members of the board, and that member's position shall be
21
22 vacant as of the first day of the next calendar month. Any person
22
23 removed under the provisions of this subsection shall be ineligible
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24
24
Req. No. 2751 Page 5
1 for reappointment to the board, unless such reappointment is
1
2 confirmed unanimously by the board.
2
3 E. A vacancy on the board shall be filled in the same manner as
3
4 the original appointment.
4
5 F. Board members shall serve without compensation and shall
5
6 have the power to organize and reorganize the executive,
6
7 administrative, clerical, and other departments of the land bank and
7
8 to fix the duties, powers, and compensation of all employees,
8
9 agents, and consultants of the land bank. The board may reimburse
9
10 any member for expenses actually incurred in the performance of
10
11 duties on behalf of the land bank.
11
12 G. The board shall meet in regular session according to a
12
13 schedule adopted by the board, and also shall meet in special
13
14 session as convened by the chair or upon written notice signed by a
14
15 majority of the members. The presence of a majority of the board
15
16 total membership shall constitute a quorum.
16
17 H. All actions of the board shall be approved by the
17
18 affirmative vote of a majority of the members of that board present
18
19 and voting. However, no action of the board shall be authorized on
19
20 the following matters unless approved by a majority of the total
20
21 board membership:
21
22 1. The adoption of bylaws and other rules and regulations for
22
23 conduct of the land bank's business. A majority of the members of
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24
24
Req. No. 2751 Page 6
1 the board, not including vacancies, shall constitute a quorum for
1
2 the conduct of business;
2
3 2. The hiring or firing of any employee or contractor of the
3
4 land bank. This function may, by majority vote, be delegated by the
4
5 board to a specified officer or committee of the land bank, under
5
6 such terms and conditions, and to the extent, that the board may
6
7 specify;
7
8 3. The incurring of debt;
8
9 4. The adoption or amendment of the annual budget; and
9
10 5. The sale, lease, encumbrance, or alienation of real
10
11 property, improvements, or personal property with a value of more
11
12 than Fifty Thousand Dollars ($50,000.00).
12
13 I. Members of the board shall not be liable personally on the
13
14 bonds or other obligations of the land bank, and the rights of
14
15 creditors shall be solely against such land bank.
15
16 J. Vote by proxy shall not be permitted. Any member may
16
17 request a recorded vote on any resolution or action of the land
17
18 bank.
18
19 SECTION 6. NEW LAW A new section of law to be codified
19
20 in the Oklahoma Statutes as Section 57-105 of Title 11, unless there
20
21 is created a duplication in numbering, reads as follows:
21
22 A land bank may employ, on a permanent or temporary basis, a
22
23 secretary, an executive director, counsel, legal staff, and such
23
24 technical experts and other agents and employees as it may require,
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Req. No. 2751 Page 7
1 and may determine the qualifications and fix the compensation and
1
2 benefits of such employees. A land bank may also enter into
2
3 contracts and agreements with a municipality to provide staffing
3
4 services to the land bank, or for the land bank to provide staffing
4
5 services to the municipality.
5
6 SECTION 7. NEW LAW A new section of law to be codified
6
7 in the Oklahoma Statutes as Section 57-106 of Title 11, unless there
7
8 is created a duplication in numbering, reads as follows:
8
9 A. A land bank established as provided in Section 3 of this act
9
10 shall have all powers necessary or appropriate to carry out and
10
11 effectuate the purposes and provisions of this act, including the
11
12 power to:
12
13 1. Adopt, amend, and repeal bylaws for the regulation of its
13
14 affairs and the conduct of its business;
14
15 2. Sue and be sued in its own name and plead and be impleaded
15
16 in all civil actions, including, but not limited to, actions to
16
17 clear title to property of the land bank;
17
18 3. To adopt a seal and to alter the same at pleasure;
18
19 4. To borrow from private lenders, from municipalities, from
19
20 this state, or from federal government funds, as may be necessary,
20
21 for the operation and work of the land bank;
21
22 5. To issue negotiable revenue bonds and notes according to the
22
23 provisions of this act;
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24
24
Req. No. 2751 Page 8
1 6. To procure insurance or guarantees from this state or the
1
2 federal government of the payments of any debts or parts of such
2
3 debts incurred by the land bank, and to pay premiums in connection
3
4 with such debts;
4
5 7. To enter contracts and other necessary instruments
5
6 incidental or convenient to the performance of its duties and the
6
7 exercise of its powers, including, but not limited to, interlocal
7
8 cooperative agreements, as provided in the Interlocal Cooperation
8
9 Act, for the joint exercise of powers under this act;
9
10 8. To enter contracts and other instruments necessary,
10
11 incidental, or convenient to the performance of functions by the
11
12 land bank on behalf of municipalities or agencies or departments of
12
13 such, or the performance by municipalities or agencies or
13
14 departments of such of functions on behalf of the land bank;
14
15 9. To make and execute contracts and other instruments
15
16 necessary or convenient to the exercise of the powers of the land
16
17 bank;
17
18 10. To procure insurance against losses in connection with the
18
19 real property, assets, or activities of the land bank;
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20 11. To invest money of the land bank, at the discretion of the
20
21 board of directors, in instruments, obligations, securities, or
21
22 property, and name and use depositories for its money;
22
23 12. To enter contracts for the management of, the collection of
23
24 rent from, or the sale of real property of the land bank;
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Req. No. 2751 Page 9
1 13. To design, develop, construct, demolish, reconstruct,
1
2 rehabilitate, renovate, relocate, and otherwise improve real
2
3 property or rights or interests in real property;
3
4 14. To fix, charge, and collect rents, fees, and charges for
4
5 the use of real property of the land bank and for services provided
5
6 by the land bank;
6
7 15. To grant or acquire a license, easement, lease, as either
7
8 lessor or lessee, or option with respect to real property of the
8
9 land bank;
9
10 16. To enter partnerships, joint ventures, and other
10
11 collaborative relationships with municipalities and other public and
11
12 private entities for the ownership, management, development, and
12
13 disposition of real property; and
13
14 17. To do all other things necessary or convenient to achieve
14
15 the objectives and purposes of the land bank or other laws that
15
16 relate to the purposes and responsibilities of the land bank.
16
17 B. A land bank shall neither possess nor exercise the power of
17
18 eminent domain.
18
19 SECTION 8. NEW LAW A new section of law to be codified
19
20 in the Oklahoma Statutes as Section 57-107 of Title 11, unless there
20
21 is created a duplication in numbering, reads as follows:
21
22 A. The real property of a land bank and its income and
22
23 operations are exempt from all taxation by this state and by any of
23
24 its political subdivisions.
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Req. No. 2751 Page 10
1 B. The land bank may acquire real property or interests in real
1
2 property by gift, devise, transfer, exchange, foreclosure, purchase,
2
3 or otherwise on terms and conditions and in a manner the land bank
3
4 considers proper.
4
5 C. The land bank may acquire real property by purchase
5
6 contracts, lease purchase agreements, installment sales contracts,
6
7 and land contracts, and may accept transfers from municipalities
7
8 upon such terms and conditions as agreed to by the land bank and the
8
9 municipality. A municipality may transfer to the land bank real
9
10 property and interests in real property of the municipality on such
10
11 terms and conditions and according to such procedures as determined
11
12 by the municipality.
12
13 D. The land bank shall maintain all its real property in
13
14 accordance with the laws and ordinances of the jurisdiction in which
14
15 the real property is located.
15
16 E. The land bank shall not own or hold real property located
16
17 outside the jurisdictional boundaries of the land bank jurisdiction
17
18 or units that created the land bank; provided, however, that a land
18
19 bank may be granted authority pursuant to an intergovernmental
19
20 cooperation agreement with another municipality to manage and
20
21 maintain real property located within the jurisdiction of such other
21
22 municipality.
22
23 F. A municipality may convey to a land bank real property and
23
24 interests in real property on such terms and conditions, and
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Req. No. 2751 Page 11
1 according to such procedures, as determined by the transferring
1
2 municipality.
2
3 SECTION 9. NEW LAW A new section of law to be codified
3
4 in the Oklahoma Statutes as Section 57-108 of Title 11, unless there
4
5 is created a duplication in numbering, reads as follows:
5
6 A. The land bank, irrespective of the identity of the entity
6
7 that transferred real property to such, shall hold all real property
7
8 acquired by such in its own name.
8
9 B. The land bank shall maintain and make available for public
9
10 inspection an inventory of all real property held by the land bank.
10
11 C. The land bank shall determine and set forth, in the policies
11
12 and procedures of the board of directors, the general terms and
12
13 conditions for consideration to be received by the land bank for the
13
14 transfer of real property and interests in real property. Such
14
15 consideration may take the form of monetary payments and secured
15
16 financial obligations, covenants and conditions related to the
16
17 present and future use of the property, contractual commitments of
17
18 the transferee, and such other forms of consideration as determined
18
19 by the board to be in the best interest of the land bank.
19
20 D. The land bank may convey, exchange, sell, transfer, lease as
20
21 lessee, grant, release, and demise, pledge, and hypothecate all
21
22 interests in, upon, or to real property of the land bank.
22
23 E. In either the resolution of land bank jurisdiction creating
23
24 a land bank or the applicable interlocal cooperative agreement of
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Req. No. 2751 Page 12
1 multiple land bank jurisdictions creating a single land bank, there
1
2 may be established a hierarchal ranking of priorities for the use of
2
3 real property conveyed by a land bank including but not limited to:
3
4 1. Use for purely public spaces and places;
4
5 2. Use for affordable housing;
5
6 3. Use for retail, commercial, and industrial activities;
6
7 4. Use for wildlife conservation areas; and
7
8 5. Such other uses and in such hierarchal order as determined
8
9 by the resolution or interlocal cooperative agreement establishing
9
10 such land bank.
10
11 F. In either the resolution of a land bank jurisdiction
11
12 creating a land bank or the applicable interlocal cooperative
12
13 agreement of multiple land bank jurisdictions creating a single land
13
14 bank, there may be a requirement that any particular form of
14
15 disposition of real property, or any disposition of real property
15
16 located within specified jurisdictions, be subject to specified
16
17 voting and approval requirements of the board of directors. Unless
17
18 restricted or constrained as provided in this subsection, the board
18
19 may delegate to officers and employees of the land bank the
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20 authority to enter into and execute agreements, instruments of
20
21 conveyance, and all other related documents pertaining to the
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22 conveyance of real property by the land bank.
22
23
23
24
24
Req. No. 2751 Page 13
1 SECTION 10. NEW LAW A new section of law to be codified
1
2 in the Oklahoma Statutes as Section 57-109 of Title 11, unless there
2
3 is created a duplication in numbering, reads as follows:
3
4 A. A land bank may receive funding through grants and loans
4
5 from the land bank jurisdiction, from other municipalities, this
5
6 state, the federal government, and other public and private sources.
6
7 B. A land bank may receive and retain payments for services
7
8 rendered, for rents and leasehold payments received, consideration
8
9 for disposition of real and personal property, proceeds of insurance
9
10 coverage for losses incurred, income from investments, and for any
10
11 other asset and activity lawfully permitted to a land bank under the
11
12 provisions of this act.
12
13 C. Fifty percent (50%) of the real property taxes collected on
13
14 real property conveyed by a land bank pursuant to the laws of this
14
15 state shall be remitted to the land bank. Such allocation of
15
16 property tax revenues shall commence with the first taxable year
16
17 following the date of conveyance and may continue for a period of
17
18 five (5) years.
18
19 SECTION 11. NEW LAW A new section of law to be codified
19
20 in the Oklahoma Statutes as Section 57-110 of Title 11, unless there
20
21 is created a duplication in numbering, reads as follows:
21
22 A. A land bank shall have the power to issue bonds for any of
22
23 its corporate purposes, the principal and interest of which are
23
24 payable from its revenues generally. Any of such bonds may be
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Req. No. 2751 Page 14
1 secured by a pledge of any revenues, including grants or
1
2 contributions from this state, the federal government, or any
2
3 agency, and instrumentalities of such, or by a mortgage of any
3
4 property of the land bank.
4
5 B. The bonds issued by a land bank are hereby declared to have
5
6 all the qualities of negotiable instruments under the law merchant
6
7 and the negotiable instruments law of this state.
7
8 C. The bonds of a land bank created under the provisions of
8
9 this act and the income from such shall be exempt from any state or
9
10 local tax.
10
11 D. Bonds issued by the land bank shall be authorized by
11
12 resolution of the board of directors and shall be limited
12
13 obligations of the land bank; the principal and interest, costs of
13
14 issuance, and other costs incidental to such shall be payable solely
14
15 from the income and revenue derived from the sale, lease, or other
15
16 disposition of the assets of the land bank. At the discretion of
16
17 the land bank, the bonds may be additionally secured by mortgage or
17
18 other security device covering all or part of the project from which
18
19 the revenues so pledged may be derived. Any refunding bonds issued
19
20 shall be payable from any source described above or from the
20
21 investment of any of the proceeds of the refunding bonds, and shall
21
22 not constitute an indebtedness or pledge of the general credit of
22
23 any land bank jurisdiction or municipality within the meaning of any
23
24 constitutional or statutory limitation of indebtedness and shall
24
Req. No. 2751 Page 15
1 contain a recital to that effect. Bonds of the land bank shall be
1
2 issued in such form, in such denominations, bear interest, mature in
2
3 such manner, and be executed by one or more members of the board as
3
4 provided in the resolution authorizing the issuance thereof. Such
4
5 bonds may be subject to redemption at the option of and in the
5
6 manner determined by the board in the resolution authorizing the
6
7 issuance thereof.
7
8 E. Subject to any applicable provision of law, a municipality
8
9 may elect to guarantee, insure, or otherwise become primarily or
9
10 secondarily obligated on the indebtedness of the land bank.
10
11 F. Bonds issued by the land bank shall be issued, sold, and
11
12 delivered in accordance with the terms and provisions of a
12
13 resolution adopted by the board. The board may sell such bonds in
13
14 such manner, either at public or at private sale, and for such price
14
15 as it may determine to be in the best interests of the land bank.
15
16 The resolution issuing bonds shall be published in a newspaper of
16
17 general circulation within the jurisdiction of the land bank.
17
18 G. Neither the members of a land bank nor any person executing
18
19 the bonds shall be personally liable on any such bonds by reason of
19
20 the issuance thereof. Such bonds or other obligations of a land
20
21 bank shall not be a debt of any municipality or of this state, and
21
22 shall state such on their face; nor shall any municipality or this
22
23 state or any revenues or any property of such be liable.
23
24
24
Req. No. 2751 Page 16
1 SECTION 12. NEW LAW A new section of law to be codified
1
2 in the Oklahoma Statutes as Section 57-111 of Title 11, unless there
2
3 is created a duplication in numbering, reads as follows:
3
4 The board of directors shall cause minutes and a record to be
4
5 kept of all its proceedings. Except as otherwise provided in this
5
6 act, the land bank shall be subject to the Oklahoma Open Meeting Act
6
7 and the Oklahoma Open Records Act.
7
8 SECTION 13. NEW LAW A new section of law to be codified
8
9 in the Oklahoma Statutes as Section 57-112 of Title 11, unless there
9
10 is created a duplication in numbering, reads as follows:
10
11 A. 1. The board of directors of a land bank may vote to
11
12 recommend the dissolution of such land bank by a two-thirds (2/3)
12
13 vote in favor of a resolution calling for such. Sixty (60) calendar
13
14 days prior to voting on such resolution, the land bank shall provide
14
15 written notice of such consideration to the land bank jurisdiction
15
16 or jurisdictions, cause notice of such consideration to be published
16
17 in a newspaper of general circulation in the land bank jurisdiction
17
18 or jurisdictions, and send notice of such consideration via
18
19 certified mail to the trustees of any outstanding bonds of the land
19
20 bank.
20
21 2. Sixty (60) calendar days after a vote by the board to
21
22 dissolve the land bank, the land bank may be dissolved by the
22
23 governing body of the land bank jurisdiction or jurisdictions.
23
24
24
Req. No. 2751 Page 17
1 B. 1. Upon dissolution of the land bank, all real property,
1
2 personal property, and other assets of the land bank shall become
2
3 the assets of the land bank jurisdiction or jurisdictions.
3
4 2. In the event that two or more land bank jurisdictions create
4
5 a land bank in accordance with the provisions of Section 3 of this
5
6 act, the withdrawal of one or more land bank jurisdictions shall not
6
7 result in the dissolution of the land bank unless the interlocal
7
8 cooperative agreement provides for such or there is no land bank
8
9 jurisdiction participating in such agreement that desires to
9
10 continue the existence of the land bank.
10
11 SECTION 14. NEW LAW A new section of law to be codified
11
12 in the Oklahoma Statutes as Section 57-113 of Title 11, unless there
12
13 is created a duplication in numbering, reads as follows:
13
14 No member of the board of directors or employee of a land bank
14
15 shall acquire any interest, direct or indirect, in the real property
15
16 of the land bank, in any real property to be acquired by the land
16
17 bank, or in any real property to be acquired from the land bank. No
17
18 member of the board or any employee of a land bank shall have any
18
19 interest, direct or indirect, in any contract or proposed contract
19
20 for materials or services to be furnished or used by a land bank.
20
21 The board may adopt supplemental rules and regulations addressing
21
22 potential conflicts of interest and ethical guidelines for members
22
23 of the board and employees of the land bank.
23
24
24
Req. No. 2751 Page 18
1 SECTION 15. NEW LAW A new section of law to be codified
1
2 in the Oklahoma Statutes as Section 57-114 of Title 11, unless there
2
3 is created a duplication in numbering, reads as follows:
3
4 A. 1. In the event of a natural disaster which causes
4
5 widespread damage to and destruction of real property and
5
6 improvements and dislocation of residents, the Governor shall have
6
7 the authority, following issuance of a declaration of emergency and
7
8 in consultation with the local governments of the geographic area
8
9 subject to such declaration of emergency, to issue an executive
9
10 order providing for the immediate creation of a land bank of and for
10
11 such local governments.
11
12 2. The executive order shall provide for the matters identified
12
13 in Section 3 of this act.
13
14 3. A land bank created pursuant to the provisions of this
14
15 section shall have all the authority and powers of a land bank
15
16 created pursuant to the provisions of Section 3 of this act.
16
17 B. 1. The status of any land bank created pursuant to the
17
18 provisions of this section may be changed into that of a land bank
18
19 created under the provisions of Section 3 of this act by necessary
19
20 and appropriate action of the municipalities within the geographic
20
21 areas subject to the declaration of emergency. Upon such action,
21
22 the land bank shall be considered the successor in interest and at
22
23 law to the land bank created pursuant to the provisions of this
23
24 section.
24
Req. No. 2751 Page 19
1 2. In the event that such municipalities do not take such
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2 action, twelve (12) months following the date of the Governor's
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3 executive order creating the land bank, such land bank shall be
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4 dissolved in accordance with the provisions of paragraph 1 of
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5 subsection B of Section 13 of this act.
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6 SECTION 16. NEW LAW A new section of law to be codified
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7 in the Oklahoma Statutes as Section 57-115 of Title 11, unless there
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8 is created a duplication in numbering, reads as follows:
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9 This act shall be construed liberally to effectuate the
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10 legislative intent and the purposes as complete and independent
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11 authorization for the performance of each and every act and thing
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12 authorized by this act, and all powers granted shall be broadly
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13 interpreted to effectuate the intent and purposes and not as a
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14 limitation of powers. Except as otherwise expressly set forth in
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15 this act, in the exercise of its powers and duties under this act
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16 and its powers relating to property held by the land bank, the land
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17 bank shall have complete control as fully and completely as if it
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18 represented a private property owner and shall not be subject to
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19 restrictions imposed by the charter, ordinances, or resolutions of a
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20 local unit of government.
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21 SECTION 17. NEW LAW A new section of law to be codified
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22 in the Oklahoma Statutes as Section 57-116 of Title 11, unless there
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23 is created a duplication in numbering, reads as follows:
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Req. No. 2751 Page 20
1 A. Except as provided by subsection F of this section, property
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2 that is ordered sold pursuant to foreclosure of a tax lien may be
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3 sold in a private sale to a land bank by the officer charged with
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4 the sale of the property without first offering the property for
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5 sale as otherwise provided by Section 231 of Title 68 of the
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6 Oklahoma Statutes, if:
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7 1. The market value of the property as specified in the
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8 judgment of foreclosure is less than the total amount due under the
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9 judgment, including all taxes, penalties, and interest, plus the
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10 value of nontax liens held by a taxing unit and awarded by the
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11 judgment, court costs, and the cost of the sale;
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12 2. The property is not improved with a building or buildings;
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13 3. There are delinquent taxes on the property for a total of at
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14 least five (5) years; and
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15 4. The municipality has executed with the other taxing units
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16 that are parties to the tax suit an interlocal cooperative agreement
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17 that enables those units to agree to participate in the program
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18 while retaining the right to withhold consent to the sale of
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19 specific properties to the land bank.
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20 B. The sale of property for use in connection with the program
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21 is a sale for a public purpose.
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22 C. If the person being sued in a suit for foreclosure of a tax
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23 lien does not contest the market value of the property in the suit,
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24 the person waives the right to challenge the amount of the market
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Req. No. 2751 Page 21
1 value determined by the court for purposes of the sale of the
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2 property.
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3 D. For any sale of property under this act, each person who was
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4 a defendant to the judgment, or that person's attorney, shall be
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5 given, not later than the ninetieth day before the date of sale,
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6 written notice of the proposed method of sale of the property by the
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7 officer charged with the sale of the property. Notice shall be
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8 given in the manner prescribed in Section 2004 of Title 12 of the
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9 Oklahoma Statutes.
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10 E. After receipt of the notice required by subsection D of this
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11 section and before the date of the proposed sale, the owner of the
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12 property subject to sale may file with the officer charged with the
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13 sale a written request that the property not be sold in the manner
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14 provided by this act.
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15 F. If the officer charged with the sale receives a written
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16 request as provided by subsection E of this section, the officer
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17 shall sell the property as otherwise provided in Section 231 of
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18 Title 68 of the Oklahoma Statutes.
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19 G. The owner of the property subject to sale may not receive
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20 any proceeds of a sale under this act. However, the owner does not
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21 have any personal liability for a deficiency of the judgment as a
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22 result of a sale under this act.
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23 H. Notwithstanding any other provision of law, if consent is
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24 given by the taxing units that are a party to the judgment, property
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Req. No. 2751 Page 22
1 may be sold to the land bank for less than the market value of the
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2 property as specified in the judgment or less than the total of all
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3 taxes, penalties, and interest, plus the value of nontax liens held
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4 by a taxing unit and awarded by the judgment, court costs, and cost
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5 of the sale.
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6 I. The deed of conveyance of the property sold to a land bank
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7 under this section conveys to the land bank the right, title, and
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8 interest acquired or held by each taxing unit that was a party to
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9 the judgment, subject to the right of redemption.
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10 J. Upon conveyance of the property sold to a land bank pursuant
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11 to subsection H of this section, the right, title, and interest held
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12 by each taxing unit on such property shall be discharged and
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13 extinguished except as otherwise provided in the judgment or subject
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14 to the right of redemption.
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15 K. A land bank or land bank jurisdiction may participate in
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16 proceedings that involve the acquiring of bulk tax foreclosures of
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17 multiple parcels of real property provided that the parcels meet the
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18 requirements of foreclosure under this section and any other
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19 applicable statutes.
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20 SECTION 18. NEW LAW A new section of law to be codified
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21 in the Oklahoma Statutes as Section 57-117 of Title 11, unless there
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22 is created a duplication in numbering, reads as follows:
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23 A. A land bank shall be authorized to file an action to quiet
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24 title as to any real property in which the land bank has an
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Req. No. 2751 Page 23
1 interest. For purposes of any and all such actions, the land bank
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2 shall be deemed to be the holder of sufficient legal and equitable
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3 interests, and possessory rights, so as to qualify the land bank as
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4 adequate complainant in such action.
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5 B. Prior to the filing of an action to quiet title, the land
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6 bank shall conduct an examination of title to determine the identity
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7 of any and all persons and entities possessing a claim or interest
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8 in or to the real property. Service of the complaint to quiet title
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9 shall be provided to all such interested parties by:
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10 1. Registered or certified mail to such identity and address as
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11 reasonably ascertainable by an inspection of public records. In the
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12 case of occupied real property by registered or certified mail, such
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13 shall be addressed to "Occupant";
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14 2. Posting a copy of the notice on the real property;
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15 3. Publication in a newspaper of general circulation in the
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16 municipality in which the property is located; and
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17 4. Such other methods as may be ordered by a court of competent
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18 jurisdiction.
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19 C. As part of the complaint to quiet title, the land bank shall
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20 file an affidavit identifying all parties potentially having an
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21 interest in real property, and the form of notice provided.
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22 D. A court of competent jurisdiction shall schedule a hearing
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23 on the complaint within ninety (90) days following filing of the
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24 complaint, and as to all matters upon which an answer was not filed
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Req. No. 2751 Page 24
1 by an interested party, the court shall issue its final judgment
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2 within one hundred twenty (120) days of the filing of the complaint.
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3 E. A land bank shall be authorized to join in a single
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4 complaint to quiet title one or more parcels of real property.
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5 SECTION 19. This act shall become effective July 1, 2026.
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6 SECTION 20. It being immediately necessary for the preservation
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7 of the public peace, health or safety, an emergency is hereby
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8 declared to exist, by reason whereof this act shall take effect and
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9 be in full force from and after its passage and approval.
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Req. No. 2751 Page 25Every fact on this page links to its source, starting with the official bill record.