Bill > HB1024

This bill modifies the Unfair Sales Act by updating definitions and provisions related to how retailers and wholesalers calculate costs and profit margins. The bill introduces a new definition for "unreasonably low profit margin," which is described as setting a price at or near cost with the intention of eliminating market competition in a specific geographic area. The legislation redefines "cost to the retailer" to include more detailed calculations of invoice costs, freight charges, and taxes, and notably creates a separate definition for gasoline and diesel fuel retailers. It also provides special provisions for how items sold together or as part of a combined purchase should be priced. The bill expands the existing language about unfair sales practices to explicitly include selling at an unreasonably low profit margin, which is considered a form of unfair competition that can potentially deceive purchasers, lessen competition, or create monopolistic conditions. The modifications aim to provide clearer guidelines for businesses and prevent predatory pricing strategies that could harm market competition. The bill is set to become effective on November 1, 2025.

Business and Industry

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1024&Session=2600