Shown verbatim: the complete text as captured from the official PDF posted by the Oklahoma Legislature, fetched 2026-07-23. Page and line markers are part of the official record; nothing is edited or removed. The official bill page.
1 STATE OF OKLAHOMA
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2 2nd Session of the 60th Legislature (2026)
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3 SENATE BILL 1940 By: Thompson
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6 AS INTRODUCED
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7 An Act relating to credit card transactions; defining
7 terms; excluding certain amounts from total amount
8 from which certain swipe fees are charged; requiring
8 certain payment card network to deduct certain
9 amounts from certain calculations; requiring certain
9 payment card network to rebate certain merchant;
10 requiring certain deduction or rebate to occur at
10 certain time; requiring payment card network to
11 accept certain proof and provide rebate in certain
11 time frame; construing provisions; authorizing
12 promulgation of rules by Attorney General; providing
12 for codification; and providing an effective date.
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16 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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17 SECTION 1. NEW LAW A new section of law to be codified
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18 in the Oklahoma Statutes as Section 2-711 of Title 14A, unless there
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19 is created a duplication in numbering, reads as follows:
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20 A. As used in this act:
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21 1. "Assessment fee" means a fee paid to the payment card
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22 network for allowing a merchant to use a payment card or other
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23 payment code or device in a credit card transaction;
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1 2. "Electronic payment transaction" means a transaction in
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2 which a person uses a payment card or other payment code or device
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3 issued or approved through a payment card network to debit a deposit
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4 account or use a line of credit, whether authorization is based on a
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5 signature, personal identification number, or other means;
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6 3. "Gratuity" means a voluntary monetary contribution to an
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7 employee from a guest, patron, or customer in connection with
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8 services rendered;
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9 4. "Interchange fee" means a fee charged to a merchant for the
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10 purpose of compensating the credit card issuer for the issuer's
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11 involvement in a credit card transaction;
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12 5. "Payment card" means a credit card, debit card, check card,
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13 or other card that is issued to an authorized user to purchase or
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14 obtain goods, services, money, or any other thing of value;
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15 6. "Payment card issuer" means an entity that directly, or
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16 through a licensed member, processor, or agent, provides the
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17 proprietary services, infrastructure, and software that route
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18 information and data to conduct debit card or credit card
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19 transaction authorization, clearance, and settlement, and that an
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20 entity uses in order to accept as a form of payment a brand of debit
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21 card, credit card, or other device that may be used to carry out
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22 debit or credit transactions;
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23 7. "State or local tax" includes a tax imposed by this state or
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24 a unit of local government of this state; or
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Req. No. 2484 Page 2
1 8. "Swipe fee" means the interchange fee and, if applicable,
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2 the assessment fee.
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3 B. The amount of state or local tax that is calculated as a
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4 percentage of the amount of an electronic payment transaction made
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5 in this state and gratuity that is listed separately on a payment
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6 invoice or other demand for payment shall be excluded from the total
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7 amount on which a swipe fee is charged for that transaction.
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8 C. A payment card network shall with respect to each form or
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9 type of payment transaction:
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10 1. Deduct the amount of state or local tax imposed and gratuity
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11 from the calculation of swipe fees attributable to the transaction
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12 at the time of settlement; or
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13 2. Rebate the merchant an amount equal to the amount of swipe
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14 fees attributable to the state or local tax imposed and gratuity on
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15 the transaction.
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16 D. A deduction or rebate under this act shall occur at the time
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17 of settlement when the merchant is able to capture and transmit
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18 state or local tax or fee amounts and gratuity relevant to the sale
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19 at the time of sale as part of the transaction finalization. If a
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20 merchant is unable to capture and transmit a tax or fee and gratuity
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21 amounts relevant to the sale at the time of sale, then the payment
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22 card network shall accept proof of tax or fee amounts and gratuity
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23 collected on sales subject to a swipe fee on the submission of sales
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24 data by the merchant and provide the rebate no later than ninety
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Req. No. 2484 Page 3
1 (90) days after the date of the electronic payment transaction and
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2 within thirty (30) days after the merchant submits the sales data.
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3 E. Nothing in this section shall be construed to create
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4 liability for a payment card network regarding the accuracy of the
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5 tax or gratuity data reported by the merchant.
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6 F. It shall constitute a violation of this act for a payment
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7 card issuer or a payment card network to alter or manipulate the
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8 computation and imposition of swipe fees by increasing the rate or
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9 amount of the fees applicable to or imposed upon the portion of an
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10 electronic payment transaction not attributable to taxes or
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11 gratuities to circumvent this act.
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12 G. The Attorney General may promulgate any rules necessary for
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13 the implementation of this act.
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14 SECTION 2. This act shall become effective November 1, 2026.
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16 60-2-2484 CAD 1/15/2026 9:04:01 AM
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Req. No. 2484 Page 4Every fact on this page links to its source, starting with the official bill record.