HB2971

Oklahoma HB2971 regulates credit card surcharges and service fees in sales transactions.

Oklahoma HB2971 amends the permissible surcharge amount for credit card transactions, setting it at a maximum of 4.5% of the transaction amount or the actual processing costs, whichever is less. It mandates that sellers clearly disclose the surcharge amount at the point of entry, point of sale, and verbally for phone transactions. The bill also limits service fees for credit card payments by private educational institutions and municipalities to actual processing costs. It requires sellers to maintain documentation of actual processing costs and mandates compliance with state statutes.