This bill establishes a new section in the Oklahoma Statutes that prohibits the charging of interchange transaction fees and network fees on specific credit card transactions. It defines "interchange transaction fee" and "network fee" in accordance with federal law, specifically referencing 15 U.S.C., Section 1693o-2. The bill specifies that these fees cannot be applied to transactions that cover sales tax, excise tax, customer tips, or donations made to nonprofit organizations that are tax-exempt under 26 U.S.C., Section 501(c)(3).

The legislation aims to protect merchants from additional costs associated with these fees on certain transactions, thereby promoting fairer credit sales practices. The act is set to take effect on November 1, 2025.