Oklahoma Senate Bill SB1095

Oklahoma 2026 Regular Session

• Introduced: 2/3/25
• Refer: 2/4/25

Caption

Credit sales; prohibiting charge of network fees and interchange fees on certain transactions. Effective date.

Impact

If enacted, SB1095 would create a significant shift in how credit sales and associated fees are handled under Oklahoma law. By ensuring that merchants are not charged additional fees on transactions associated with tax payments and charitable donations, the bill is expected to expand consumer and merchant engagement in these areas. The effective date for this bill is set for November 1, 2025, which provides ample time for both merchants and payment processors to adjust their systems in compliance with the new regulations.

Summary

Senate Bill 1095, introduced by Senator Thompson, aims to amend existing statutes related to credit card transactions in Oklahoma. The bill specifically prohibits the charging of interchange transaction fees and network fees on certain types of transactions, including those that cover sales tax, excise tax, customer tips, and donations to nonprofit organizations recognized under federal law. The proposed law seeks to alleviate some of the financial burdens on merchants by eliminating these fees for transactions that are traditionally vital for both operational cost management and customer relations.

Contention

While the bill has garnered support for its potential to lower costs for merchants and encourage charitable donations, concerns have been raised regarding its broader implications. Critics argue that the elimination of these fees might lead to increased costs elsewhere, as payment processors may need to recoup losses incurred from waived fees. Additionally, there is apprehension about the long-term financial viability of nonprofit organizations that could face increased challenges in fundraising due to the changes in transaction fee structures.