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OklahomaHB 1590Oklahoma 2026 Regular SessionHouse

Public finance; enacting the Education Infrastructure Linked Deposit Program Act; administration of program; guidelines; loans; State Treasurer; effective date.

Sponsored By: Mark Lepak (Republican)

Signed by Governor

Senate Committee

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Bill Overview

Analyzed Economic Effects

4 provisions identified: 1 benefits, 1 costs, 2 mixed.

Lower interest for school facility loans

Beginning November 1, 2026, the State Treasurer places state deposits at below-market rates with participating lenders. Lenders must give borrowers the same percentage rate cut below their current borrowing rate. When a deposit is placed, the lender must fund the approved loans and certify compliance.

How schools apply for lower-rate loans

Beginning November 1, 2026, nonprofits and charter schools can apply through participating banks. Lenders use their normal credit checks, give priority to local needs, and send certified loan packages that list each borrower’s current rate. Borrowers must certify the money is only for construction or repair. The Board reviews each package within 10 business days. The State Treasurer can accept, reject, or place applications in order when funds are tight, and must set guidelines and file a yearly report.

Safeguards and no state loan guarantee

Beginning November 1, 2026, anyone who knowingly lies on an application cannot use the program. Lenders cannot make a linked-deposit loan to their own officers or directors. The State does not guarantee these loans and is not liable for principal or interest.

Loan caps and renewal rules for schools

Beginning November 1, 2026, each loan is capped at $1,000,000. The first term can be up to 10 years, with up to 5 more years by agreement. Each entity can have only one linked-deposit loan at a time, but it can be refinanced. A loan cannot be renewed unless principal is cut by at least 5% and all interest is paid.

Sponsors & Cosponsors

Sponsor

  • Mark Lepak

    Republican • House

Cosponsors

  • Julie Daniels

    Republican • Senate

Roll Call Votes

All Roll Calls

Yes: 149 • No: 37

Senate vote • 4/29/2026

THIRD READING

Yes: 37 • No: 8

Senate vote • 4/20/2026

Top_of_Page

Yes: 0 • No: 2

Senate vote • 4/20/2026

Committee vote: Revenue & Taxation

Yes: 9 • No: 2

House vote • 3/11/2026

THIRD READING

Yes: 76 • No: 16

House vote • 3/3/2026

DO PASS

Yes: 22 • No: 6

House vote • 2/19/2025

DO PASS

Yes: 5 • No: 3

Actions Timeline

  1. Approved by Governor 05/05/2026

    5/5/2026House

  2. Sent to Governor

    4/29/2026House

  3. Enrolled measure signed, returned to House

    4/29/2026Senate

  4. Enrolled, signed, to Senate

    4/29/2026House

  5. Referred for enrollment

    4/29/2026House

  6. Engrossed measure signed, returned to House

    4/29/2026Senate

  7. Measure passed: Ayes: 37 Nays: 8

    4/29/2026Senate

  8. General Order, Considered

    4/29/2026Senate

  9. Placed on General Order

    4/28/2026Senate

  10. Withdrawn from Appropriations committee

    4/28/2026Senate

  11. Referred to Appropriations

    4/20/2026Senate

  12. Reported Do Pass Revenue and Taxation committee; CR filed

    4/20/2026Senate

  13. Referred to Revenue and Taxation

    4/9/2026Senate

  14. Withdrawn from Education committee

    4/9/2026Senate

  15. Second Reading referred to Education Committee then to Appropriations Committee

    4/1/2026Senate

  16. First Reading

    3/12/2026Senate

  17. Engrossed, signed, to Senate

    3/12/2026House

  18. Referred for engrossment

    3/11/2026House

  19. Third Reading, Measure passed: Ayes: 76 Nays: 16

    3/11/2026House

  20. General Order

    3/11/2026House

  21. Authored by Senator Daniels (principal Senate author)

    3/5/2026House

  22. CR; Do Pass, amended by committee substitute Appropriations and Budget Committee

    3/5/2026House

  23. Recommendation to the full committee; Do Pass, amended by committee substitute Appropriations and Budget Education Subcommittee

    2/24/2025House

  24. Referred to Appropriations and Budget Education Subcommittee

    2/19/2025House

  25. Referred to Appropriations and Budget

    2/19/2025House

Bill Text

  • Enrolled (final version)

    4/29/2026

    PDF

  • Floor (Senate)

    4/28/2026

    PDF

  • Senate Committee Report

    4/20/2026

    PDF

  • Engrossed

    3/12/2026

    PDF

  • Floor (House)

    3/9/2026

    PDF

  • House Committee Report

    3/5/2026

    PDF

  • House Committee Substitute

    3/5/2026

    PDF

  • House Committee Report

    2/24/2025

    PDF

  • Introduced

    1/16/2025

    PDF

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