Bill > SB677

This bill modifies Oklahoma's sales transaction laws by expanding retailers' options for offering discounts and implementing clear rules for credit card surcharges. The bill allows sellers to offer discounts for cash, check, or debit card payments without any limit on the discount amount, and requires sellers to disclose certain discount information to the state Administrator of Consumer Credit. For credit card transactions, sellers can now impose surcharges with specific restrictions: the surcharge cannot exceed 2% of the total transaction or the actual processing cost, whichever is less, and must be clearly displayed at the point of sale or online. The bill also introduces formal definitions for terms like "credit card," "seller," and "surcharge," and removes previous legal prohibitions on credit card surcharges. Additionally, the bill provides special considerations for certain entities like private educational institutions and municipalities, allowing them to charge service fees related to transaction processing. The legislation will become effective on November 1, 2025, and aims to provide more transparency and flexibility in how businesses handle payment methods and associated costs.

Business and Industry

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb677&Session=2600