OKLAHOMA CITY (AP) - A state senator from Oklahoma City is introducing a bill that would repeal a 70-year-old state law and allow retailers to have ``Black Friday'' sales with dramatically reduced prices.

State Sen. David Holt says a 1941 state law requires retailers to sell products for at least 6 percent more than they paid for it. And a 2011 opinion from the state's attorney general confirms the law bars sales of deeply discounted merchandise, even if they are only temporary.

The Oklahoma City Republican says the law is outdated and puts Oklahoma at a competitive disadvantage with neighboring states.

Holt says his bill keeps in place exemptions for the fuel industry and prescription drugs.