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New state law helps with Black Friday deals

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OKLAHOMA CITY - For the first time since the 1940’s, Oklahomans can experience “Black Friday,” the way the rest of the country does.

Under the existing law, retailers are not allowed to offer items below the price they paid for them.

"[The law] Required retailers to do a minimum of a 6 percent markup on their bills," said Rep. Tom Newell.

For example, last year a TV in a Black Friday ad at Walmart was priced at $976.00 in Oklahoma, yet in Texas, the same TV was listed at $688.00.

Wal Mart’s strategy selling an item below cost is to get those Black Friday shoppers in the door but they couldn't do it here.

"As a retailer now you can lower your price, you can run a sale. It can't be for more than 15 days consecutively," said Newell.

However, under the new law, retailers can have these 15 day sales up to 10 times a year.

"I love to shop, I love bargains and I love to be trendy," Carla Rinehart says.

Rinehart said times are tough right now, and deals help people provide gifts, surprise and smiles.

"Obviously if you could spend a lot less on things and get nicer things that everyone ones then that would be my priority," said Rinehart.

Senate bill 550 may encourage shoppers to stay in town rather than drive across the border to Texas or Arkansas to get the next sale.

"This will really benefit consumers at the point of sale because they're saving money, benefits municipalities and I think overall it benefits the entire economy," said Newell.

Senate Bill 550 goes into effect November 1st.

“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,” according to Senator David Holt.

This new bill does not include markdowns on groceries, prescription drugs, gas and lumber.

The Senate Bill 550 was signed into law by Governor Mary Fallin during the 2013 legislative session.