SB 1678 Summary

• Authorizes persons acting as agents in lawful business activities to surcharge credit card processing fees when customers pay by credit card.

• Limits surcharges to the actual bank processing fee charged by the financial institution; prohibits markups or additional fees.

• Requires full disclosure of all surcharges and amounts as part of the service agreement between the agent and principal.

• Exempts the activity from trust company charter requirements if it qualifies as an exempt activity under Section 1706 of Title 6 of the Oklahoma Statutes.

• Clarifies that authorized credit card surcharges do not violate Oklahoma's Consumer Credit Code provisions regarding sales transactions; effective November 1, 2014.