This bill establishes new regulations regarding credit card transactions in Oklahoma, specifically addressing the calculation of swipe fees. It defines key terms such as "assessment fee," "interchange fee," and "swipe fee," and mandates that state or local taxes and gratuities, when listed separately on payment invoices, be excluded from the total amount on which swipe fees are calculated. Payment card networks are required to either deduct these amounts from swipe fee calculations at the time of settlement or rebate the merchant an equivalent amount. The bill also stipulates that if a merchant cannot capture and transmit tax or gratuity amounts at the time of sale, the payment card network must accept proof of these amounts and provide the rebate within a specified timeframe.

Additionally, the bill prohibits payment card issuers or networks from manipulating swipe fee calculations to circumvent these regulations. The Attorney General is authorized to create rules for the implementation of this act, which is set to take effect on November 1, 2026. Overall, the legislation aims to protect merchants from excessive swipe fees by ensuring that certain amounts are excluded from fee calculations.