Bill > HB2971

This bill modifies existing Oklahoma law regarding surcharges and service fees on credit card transactions. It increases the maximum permissible surcharge that a seller can charge a customer for using a credit card from 2% to 4.5% of the total transaction amount, or the actual cost to the seller for processing the credit card, whichever is less. The bill also clarifies that "seller" is the term to be used instead of "retailer" for consistency. Additionally, it introduces new provisions for private educational institutions, private schools, municipalities, and public trusts with municipal beneficiaries, allowing them to charge a service fee on credit card payments, also capped at 4.5% of the transaction or their "actual processing costs," whichever is less. "Actual processing costs" are defined as verifiable, transaction-specific fees directly from payment networks, banks, or processors, excluding general overhead or profit markups. These entities must maintain documentation of their actual processing costs for at least two years and make it available for review by the Attorney General and State Auditor and Inspector. The bill specifies an effective date of November 1, 2026.