Shown verbatim: the complete text as captured from the official PDF posted by the Oklahoma Legislature, fetched 2026-07-23. Page and line markers are part of the official record; nothing is edited or removed. The official bill page.
1 STATE OF OKLAHOMA
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2 1st Session of the 60th Legislature (2025)
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3 SENATE BILL 572 By: Rader
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6 AS INTRODUCED
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7 An Act relating to the Oklahoma Center for the
7 Advancement of Science and Technology; amending 74
8 O.S. 2021, Section 5060.20a, which relates to
8 technology business financing program; requiring the
9 cessation of the technology business financing
9 program; requiring the transfer of remaining funds;
10 requiring the transfer of payments and return of
10 funds; and providing an effective date.
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13 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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14 SECTION 1. AMENDATORY 74 O.S. 2021, Section 5060.20a, is
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15 amended to read as follows:
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16 Section 5060.20a. A. The Oklahoma Center for the Advancement
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17 of Science and Technology (OCAST), in conjunction with the
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18 Commercialization Center, may develop and implement a technology
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19 business financing program to provide funding and financing for and
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20 to assist qualified Oklahoma enterprises to commercialize new
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21 products, services, technology, innovations, and processes. In
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22 order to obtain funding or financing from the technology business
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23 financing program, a recipient shall be required to obtain separate
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Req. No. 1329 Page 1
1 private investment or funding, and may also be required to pay
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2 royalties, fees, interest, profits, or other payments generated or
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3 arising from the sale, lease, licensing, distribution, manufacture,
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4 marketing, or development of products, services, technology,
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5 innovations, and processes, whether alone or in conjunction with
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6 others, or generated or arising from a sale, acquisition, merger, or
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7 other transfer or takeover of the enterprise. Any such royalties,
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8 fees, interest, profits, or other payments or return of funding and
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9 financing shall be retained for use in the program. OCAST, in
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10 conjunction with the Commercialization Center, shall establish
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11 program specifications. OCAST may contract with the
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12 Commercialization Center or other qualified entity to operate and
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13 manage the program. Program funds shall not be used to pay
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14 administrative, management, or operating expenses of OCAST.
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15 B. The program authorized by subsection A of this section shall
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16 cease on the effective date of this act. Any remaining funds upon
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17 the cessation of the program shall be transferred to the State
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18 Treasurer and placed to the credit of the General Revenue Fund. At
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19 the end of each fiscal year, any royalties, fees, interest, profits,
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20 or other payments or return of funding and financing received
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21 pursuant to the program shall be transferred to the State Treasurer
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22 and placed to the credit of the General Revenue Fund.
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23 SECTION 2. This act shall become effective November 1, 2025.
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Req. No. 1329 Page 2
1 60-1-1329 QD 1/19/2025 5:38:59 AM
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Req. No. 1329 Page 3Every fact on this page links to its source, starting with the official bill record.