Oklahoma House Bill HB3667

Oklahoma 2022 Regular Session

• Introduced: 2/7/22
• Refer: 2/8/22

Caption

Consumer Credit Code; surcharge; electronic payment fee; effective date.

Impact

The introduction of HB 3667 is expected to impact consumer purchasing behavior by making credit card payments more expensive for customers who choose that payment method. As businesses begin to comply with this amendment, customers may opt to switch to cash or debit payments to avoid these additional costs. The legal framework created by this bill aims at increasing transparency in financial transactions, ensuring that consumers are aware of any costs associated with using their credit or charge cards.

Summary

House Bill 3667 primarily amends the Oklahoma Consumer Credit Code to allow sellers and lessors to impose a surcharge on customers who opt to pay with credit or charge cards rather than with cash or checks. This bill specifies that the surcharge cannot exceed two percent of the total transaction amount or the actual merchant discount fee incurred by the seller. Furthermore, it mandates that sellers display a clear notice to customers regarding the surcharge, whether in-store or online, prescribing the language that must be used for such disclosures.

Contention

Notable points of contention surrounding HB 3667 focus on whether this measure benefits both merchants and consumers or if it disproportionately affects those who rely on credit cards for their transactions. Critics argue that imposing additional fees can lead to a regressive impact on lower-income consumers, who often use credit cards for purchases they cannot afford to pay for up front. Additionally, discussions have raised concerns about how such surcharges may deter credit usage, potentially reducing overall spending in the economy.