SB1940

Oklahoma SB1940 mandates that payment card networks exclude state or local taxes and gratuities from swipe fee calculations and require rebates for.

Oklahoma SB1940 establishes new rules for credit card transactions. It requires payment card networks to exclude state or local taxes and gratuities from the total amount on which swipe fees are charged. Networks must either deduct these amounts from the swipe fee calculation at the time of settlement or rebate the merchant an equivalent amount. The rebate must occur when the merchant captures and transmits tax and gratuity amounts as part of the transaction finalization.