SB 1940 Oklahoma Senate · 2026 Regular Session

Credit card transactions; prohibiting certain interchange fees; requiring certain payment card network to deduct certain amount; requiring certain rebate at certain time. Effective date.

SB 1940 requires credit card payment networks in Oklahoma to exclude state/local taxes and separate gratuities from the total transaction amount when calculating credit card swipe fees. This directly affects merchants who accept credit cards, as networks must either deduct these excluded amounts at settlement or provide rebates within 90 days if merchants submit proof of collected taxes and tips. The bill mandates that payment networks cannot circumvent this by raising fees on non-tax portions of transactions. It becomes effective November 1, 2026, and defines key terms like "swipe fee" to include interchange and assessment fees.

Bill status in committee 1 of 4 stages cleared

Introduction

Feb 2026

Committee Review

Floor Vote

Governor

Introduced Feb 2, 2026 Last action Mar 10, 2026

Maddy AI version diff · 2 comparisons

What changed between versions

Committee Substitute → Floor (Senate) · 2 edits

MINOR

The bill text was reformatted to reflect the Senate Floor version, removing the 'Committee Substitute' header and adding a new title page. The substantive legal content, including definitions, fee restrictions, and effective dates, remains unchanged.

TECHNICAL

The document header was changed from 'Committee Substitute' to 'Senate Floor Version' to indicate the bill has passed the committee stage and is now on the Senate floor for final consideration.

Page numbering and formatting markers were updated to reflect the new version of the document.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 5, 2026

Upper · Passed

Reported Do Pass, amended by committee substitute Business and Insurance committee; CR filed

upper

Feb 2, 2026

Introduced

First Reading

upper

2 primary · 0 co-sponsors