Senate Bill 550 Summary

• Amends the Unfair Sales Act (15 O.S. 2011, Sections 598.1-598.7) to modernize language and update definitions relating to retail and wholesale sales at below-cost pricing.

• Establishes a new exemption allowing retailers and wholesalers to sell individual items at below cost for up to 15 consecutive days, provided such sales do not occur more than 10 separate times per 12-month period.

• Exempts specific product categories from below-cost sale restrictions, including gasoline, diesel fuel, legend drugs, food and beverages, household cleaning products, health and beauty aids, pet supplies, paper goods, baby supplies, low-point beer, and structural building materials.

• Retains existing exemptions for seasonable merchandise clearances, perishable goods, damaged/imperfect items, liquidation sales, charitable sales, government contracts, court-ordered sales, and auction sales.

• Effective date is November 1, 2013.