NORMAN — For the first time since World War II, Oklahomans will be able to take advantage of their first true “Black Friday” sales.
Senate Bill 550, by Sen. David Holt, R-Oklahoma City, and Rep. Tom Newell, R-Seminole, was signed into law by Gov. Mary Fallin during the 2013 legislative session and took effect Friday.
Under previous state law, retailers were not allowed to offer the same sale prices as in other states.
“It’s unfortunately rare that we get to put money back in the pockets of Oklahomans, but that is what this new law does,” Holt said. “It means Oklahomans will enjoy the same low prices as consumers in 48 other states, and their hard-earned dollars will go farther this Christmas.”
Under the old law, which was originally passed 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. It is believed that only two states, Oklahoma and Wisconsin, had such restrictive laws.
SB 550 allows Oklahoma retailers to sell general merchandise products at any price below their cost 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.
“The old law put Oklahoma stores at a competitive disadvantage with neighboring states where retailers can legally offer better deals,” Holt said.