Bill > SB2102

This bill aims to regulate certain fees and practices related to credit card transactions, particularly for large credit card issuers and payment card networks with significant assets. It defines key terms like "swipe fee" (which includes interchange and assessment fees), "credit card issuer" (a lender or merchant that issues credit cards), "merchant" (a business accepting credit cards), and "payment card network" (an entity that facilitates credit card transactions). The bill prohibits large credit card issuers from fixing or conspiring to fix swipe fees, charging interchange fees based on fixed schedules set by payment card networks, or penalizing merchants who offer discounts for using cash or other payment methods instead of credit cards. It also requires these issuers to disclose swipe fees to cardholders on monthly statements. Similarly, payment card networks are prohibited from fixing swipe fees, forcing merchants to accept all credit cards, or penalizing merchants for offering discounts. The bill mandates that payment card networks disclose swipe fee rates and amounts to merchants. The Attorney General is authorized to create rules, investigate violations, impose substantial civil penalties on individuals and entities, and file lawsuits to prevent or stop violations of this act, which is set to become effective on November 1, 2026.

Business and Industry

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb2102&Session=2600