The Oklahoma Fair Renewal Act aims to regulate automatic renewal contracts by establishing clear guidelines for businesses that offer such agreements to consumers. The bill defines key terms related to automatic renewal contracts, including "automatic renewal offer terms," which must be presented in a clear and conspicuous manner before the contract is executed. It mandates that consumers receive written acknowledgment of the contract terms, cancellation policies, and a straightforward mechanism for canceling the contract. Additionally, if there are any material changes to the contract, businesses are required to notify consumers clearly and provide cancellation information.

The bill also outlines specific exceptions where the act does not apply, such as services provided under certain regulatory frameworks or by financial institutions. Violations of the act are classified as unlawful business practices, subject to enforcement under the Oklahoma Consumer Protection Act. The act is set to take effect on November 1, 2025, and aims to enhance consumer protection and transparency in automatic renewal contracts.