With respect to all sales transactions, a discount which a seller offers, allows or otherwise makes available for the purpose of inducing payment by cash, check or similar means rather than by use of an open-end credit card account shall not constitute a credit service charge as determined under Section 14A-2-109 of Title 14A of the Oklahoma Statutes if the discount is offered to all prospective buyers clearly and conspicuously in accordance with regulations of the Administrator. No seller in any sales transaction may impose a surcharge on a cardholder who elects an open-end credit card account instead of paying by cash, check or similar means. There is no limit on the discount which may be offered by the seller. A seller who provides a discount otherwise than in accordance with the regulations of the Administrator must make the disclosures required by those regulations.

Laws 1977, HB 1342, c. 135, § 12, emerg. eff. June 3, 1977; Amended by Laws 1982, SB 643, c. 335, § 12, emerg. eff. June 1, 1982.