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STATE OF OKLAHOMA
1st Session of the 60th Legislature (2025)
SENATE BILL 572 By: Rader
AS INTRODUCED
An Act relating to the Oklahoma Center for the
Advancement of Science and Technology; amending 74
O.S. 2021, Section 5060.20a, which relat es to
technology business financing program ; requiring the
cessation of the technology business financing
program; requiring the transfer of remaining funds;
requiring the transfer of payments and return of
funds; and providing an effective date .
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 74 O.S. 2021, Section 5060.20a, is
amended to read as follows:
Section 5060.20a. A. The Oklahoma Center for the Advancement
of Science and Technolog y (OCAST), in conjunction with the
Commercialization Center, may develop and implement a technology
business financing program to provide funding and financing for and
to assist qualified Oklahoma enterprises to commercialize new
products, services, techno logy, innovations, and processes. In
order to obtain funding or financing fro m the technology business
financing program, a recipient shall be required to obtain separate
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private investment or funding, and may also be required to pay
royalties, fees, inte rest, profits, or other payments generated or
arising from the sale, lease, licensing, distribution, manufacture,
marketing, or development of products, services, technology,
innovations, and processes, whether alone or in conjunction with
others, or generated or arising from a sale, acquisition, merger, or
other transfer or takeove r of the enterprise. Any such royalties,
fees, interest, profits, or other payments or return of funding and
financing shall be retained for use in the program. OCAST, in
conjunction with the Commercialization Center, shall establish
program specifications. OCAST may contract with the
Commercialization Center or other qualified entity to operate and
manage the program. Program funds shall not be used to pay
administrative, management, or operating expenses of OCAST.
B. The program authorized by subsect ion A of this section shall
cease on the effective date of this act. Any remaining funds upon
the cessation of the program shall be transferred to the State
Treasurer and placed to the credit of the General Revenue Fund. At
the end of each fiscal year, any royalties, fees, interest, profits,
or other payments or return of funding and financing received
pursuant to the program shall be transferred to the State Treasurer
and placed to the credit of the General Revenue Fund.
SECTION 2. This act shall become effective November 1, 2025.
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60-1-1329 QD 1/13/2025 5:45:29 PM