The bill amends Section 2-211 of Title 14A of the Oklahoma Statutes, which governs sales transactions and the imposition of surcharges for credit card payments. It increases the permissible surcharge amount from two percent (2%) to four and one-half percent (4.5%) of the total transaction or the actual processing cost, whichever is less. The bill also clarifies the terminology by changing "retailer" to "seller" and introduces a definition for "actual processing costs," which refers to verifiable transaction-specific fees imposed by payment card networks and banks. Additionally, it requires sellers to maintain documentation of these costs for at least two years and make it available for compliance reviews by the Attorney General and State Auditor and Inspector.

Furthermore, the bill allows private educational institutions and municipalities to charge a service fee on credit card payments, with the same limit of four and one-half percent (4.5%) of the total transaction or actual processing costs. It specifies that the service fee should not include general overhead or unrelated expenses, ensuring that only direct transaction costs are considered. The effective date for this legislation is set for November 1, 2026.