SB1090 is a broad omnibus measure that, in its final engrossed form, combines two very different policy areas. One portion creates the Oklahoma Homeowner Repair Contract Protection Act, which gives homeowners a five-day right to cancel certain home solicitation home-repair contracts and sets out how cancellation must be delivered. The other portion substantially revises Oklahoma’s public investment statutes governing the State Treasurer, the Invest In Oklahoma program, the Cash Management and Investment Oversight Commission, and reporting requirements for state investments.
Under the homeowner-protection section, the bill defines a “home solicitation contract” for home repair services initiated by personal solicitation at a residence, while excluding ordinary business-location negotiations, preexisting revolving contracts, advertising, and homeowner-initiated contacts. It gives homeowners until midnight of the fifth calendar day after signing to cancel, and specifies that cancellation is effective by written notice sent by certified mail to the contractor at the address in the agreement. The notice need not use special language so long as it clearly shows the homeowner’s intent not to be bound.
The investment section shifts administration of the Invest In Oklahoma program from OCAST to the State Treasurer and expands the program to include Oklahoma-based private equity, venture capital, growth funds, and direct investments in Oklahoma companies, as well as funds making substantial investments in the state. It authorizes the Treasurer to use qualified investment advisors or fiduciary managers, requires consideration of factors such as return, track record, capitalization, fees, and in-state investment ratio, and allows certain public entities to invest up to 5% of their rolling three-year assets under management in approved funds. The bill also updates the Treasurer’s authority to invest up to 5% of controlled funds in the program and revises reporting, custodial bank, and policy requirements.
The bill also reworks oversight of state investments by revising the Cash Management and Investment Oversight Commission’s membership, meeting structure, reporting duties, and relationship to the State Treasurer. It changes reporting from monthly to quarterly in several places, requires standardized reporting systems, expands disclosure of fees and compensation, and strengthens review of investment strategies, internal controls, and potential legal or policy violations. The measure also preserves and updates existing limits on permissible investments, written policy requirements, anti-collusion affidavits, and public reporting obligations.
Overall sentiment appears mixed but generally supportive of the bill’s policy goals, with the Senate advancing it by a strong 32-14 vote after committee approval and the House committee also reporting it out unanimously. The homeowner-protection provisions are likely to be broadly popular as consumer safeguards, while the investment and oversight changes appear aimed at increasing transparency and directing more capital toward Oklahoma businesses. The main point of contention is likely the state-investment overhaul itself, especially the shift of authority from OCAST to the State Treasurer, the expanded discretion over public funds, and the broader changes to oversight and reporting of investment activity.
The bill would add a new consumer-protection chapter to Title 15 and amend multiple sections of Title 62 governing state treasury investments, the Invest In Oklahoma program, and the Cash Management and Investment Oversight Commission. It would create a new five-day rescission right for certain home repair solicitation contracts and impose a certified-mail cancellation procedure, while also transferring program administration to the State Treasurer, expanding eligible investment vehicles, revising public-entity participation limits, and changing reporting and oversight duties for state investment activity.
The available votes suggest the bill had meaningful support but was not unanimous in the Senate. It passed the Senate Economic Development, Workforce & Tourism Committee 7-1, then passed third reading 32-14, and later received a unanimous 7-0 do-pass recommendation from a House appropriations subcommittee. That pattern suggests broad support for the consumer and economic-development aspects, with some resistance likely tied to the investment-management changes and the scope of the state finance revisions.
The most notable contention appears to be over the public-finance provisions, particularly the transfer of the Invest In Oklahoma program from OCAST to the State Treasurer and the expanded authority to invest state-controlled funds in private equity, venture capital, growth funds, and direct investments. Those changes may raise concerns about risk, oversight, and the proper use of public money. The homeowner repair contract protections are less likely to be controversial, though contractors could object to the mandatory five-day cancellation window and the ease of rescission for home-solicitation sales.