This bill introduces a new section to the Oklahoma Statutes, specifically Section 2-418 of Title 14A, which defines key terms related to credit sales, including "interchange transaction fee" and "network fee," both of which are aligned with definitions in federal law (15 U.S.C., Section 1693o-2). The bill prohibits the charging of interchange transaction fees and network fees to merchants for specific credit card transactions. These transactions include those that cover sales tax, excise tax, customer tips, and donations made to nonprofit organizations that are tax-exempt under 26 U.S.C., Section 501(c)(3).

The effective date for this legislation is set for November 1, 2025. By implementing these provisions, the bill aims to alleviate financial burdens on merchants by ensuring that they are not charged additional fees for certain transactions that are essential for their operations and community support.