HB 1024 Summary

• Amends the Unfair Sales Act (15 O.S. 2021, Sections 598.2 and 598.3) to define and regulate unreasonably low profit margins in retail and wholesale sales.

• Creates a new definition of "unreasonably low profit margin" as a seller pricing an item at cost with a price increment intended to or actually eliminating market competition within a reasonable geographic area.

• Removes the 6% markup requirement for gasoline and diesel fuel retailers, allowing them to calculate "cost to the retailer" without the mandatory business cost markup that applies to other retailers.

• Declares that advertising, offering, or selling merchandise at unreasonably low profit margins with intent to eliminate competition, divert trade from competitors, or injure competitors constitutes unfair competition and violates public policy.

• Becomes effective November 1, 2025.