Bill > SB1095

This bill prohibits credit card network transaction fees (known as interchange transaction fees and network fees) from being charged to merchants for specific types of transactions. Specifically, merchants would be exempt from these fees when processing payments that include sales tax, excise tax, customer tips, or donations to nonprofit organizations that are tax-exempt under section 501(c)(3) of the U.S. tax code. The bill defines these terms using federal legal definitions from 15 U.S.C., Section 1693o-2, and will become effective on November 1, 2025. By preventing fees on these types of transactions, the bill aims to reduce financial burdens on merchants, particularly when processing transactions that involve taxes, tips, or charitable donations. The legislation will be codified as a new section of Oklahoma state law under Title 14A, Section 2-418.

Business and Industry, Labor and Employment

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1095&Session=2600