The Norman Transcript

June 11, 2013

Oklahomans to enjoy lower prices

Transcript Staff
The Norman Transcript

NORMAN — Beginning Nov. 1, Oklahoma consumers will enjoy legal Black Friday and other low-price sales for the first time since the 1940s.

Gov. Mary Fallin has signed Senate Bill 550, by Sen. David Holt, R-Oklahoma City, and Rep. Tom Newell, R-Seminole, after it passed the Senate, 29-16, and the House, 65-15.

Under previous law, which was enacted in 1941, retailers were generally required to sell products for at least 6 percent more than they paid for it at all times on all products. A December 2011 opinion from the attorney general confirmed that state law barred all Black Friday and other low-price sales. 

SB 550 allows Oklahoma retailers to sell general merchandise products at any price below cost for up to 15 days in a row on a specific product up to 10 times a year. Groceries, drugs, gas and lumber still will be subject to the law as before, but the pricing of all other products will fall under the provisions of SB 550.

SB 550 will take effect Nov. 1.