Payment Choice Act: Cash Accepted at Brick-and-Mortar Businesses
This new law aims to ensure that cash is accepted as a form of payment at most physical retail locations across the U.S. This means businesses cannot refuse cash for purchases up to $500 and cannot charge higher prices for cash payments. The act seeks to simplify daily transactions for individuals who prefer using cash.
Key points
Brick-and-mortar businesses must accept cash for purchases up to $500.
They cannot charge higher prices to cash-paying customers.
Exceptions include system failures, lack of change, or providing fee-free cash-to-prepaid card conversion devices.
For 5 years, businesses are not required to accept $50 bills or larger.
Customers can report violations and seek damages or civil penalties.
Status:
Introduced
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