A state law that requires retailers to mark up prices on products by at least 6% could be erased from the books under legislation being considered at the Capitol.
OK HB1024
Bill Summary
An Act relating to Unfair Sales Act; amending 15 O.S. 2021, Section 598.2, which relates to Unfair Sales Act definitions; removing retail markup from certain definition; and providing an effective date.
AI Summary
This bill amends the Oklahoma Unfair Sales Act by modifying the definition of “cost to the retailer” in Section 598.2. Specifically, the bill removes the previously required 6% markup that was automatically added to cover a proportionate part of the retailer’s cost of doing business. The existing law defined “cost to the retailer” as the invoice or replacement cost of merchandise, minus trade discounts, and then added various expenses like freight charges, cartage, and taxes. The previous version automatically included a 6% markup to account for business overhead, which this bill eliminates. The change means that retailers will now calculate their costs without the mandatory 6% markup, potentially allowing for more flexible pricing strategies. The bill will become effective on November 1, 2025, giving businesses time to adjust to the new definition. This amendment appears to provide retailers with more discretion in calculating their costs and potentially offer more competitive pricing by removing the fixed markup requirement.
Committee Categories
Business and Industry
Sponsors (4)
Steve Bashore (R)*, Julie Daniels (R)*, Neil Hays (R), Mark Lepak (R),
Last Action
House Business Hearing (10:30:00 2/18/2025 Room 4s5) (on 02/18/2025)
Official Document
http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1024&Session=2500