This bill modifies Oklahoma’s existing laws regarding Pharmacy Benefit Managers (PBMs), expanding regulatory oversight and imposing stricter requirements on their operations. The bill updates definitions of key terms like “pharmacy benefits manager” and “pharmacy benefits management”, and introduces several significant provisions: PBMs are prohibited from engaging in practices such as charging pharmacies enrollment fees, retroactively denying claims, using spread pricing, and reimbursing pharmacies differently based on ownership. The Attorney General is granted expanded powers to investigate PBMs, including the ability to subpoena witnesses and records, access protected health information for investigations, and levy fines between $100 and $10,000 per violation. The bill also establishes that the Oklahoma County District Court is the proper venue for compelling compliance with subpoenas, and requires PBMs to provide detailed quarterly reports on rebates, payments, and pharmacy services. Additionally, the legislation empowers the Attorney General to instruct the Insurance Commissioner to censure, suspend, or revoke a PBM’s license for non-compliance, and creates mechanisms for appealing such actions. The bill is designed to increase transparency, protect pharmacies and patients, and provide more robust regulatory oversight of pharmacy benefit management practices, with an effective date of November 1, 2025.