Us Congress 2023-2024 Regular Session

Us Congress Senate Bill SB1984

Introduced
6/14/23  

Caption

Payment Choice Act of 2023

Impact

If enacted, SB1984 would significantly impact state laws regarding payment methods accepted by businesses. It prohibits retail establishments from denying cash payments for sale amounts of $500 or less, thus reinforcing the role of cash in everyday transactions. Additionally, retailers would be unable to charge different prices based on the payment method chosen by the customer, hence ensuring fair treatment regardless of whether payment is made in cash or electronically.

Summary

Senate Bill 1984, titled the 'Payment Choice Act of 2023', mandates that United States currency be recognized as legal tender, thereby requiring brick-and-mortar businesses to accept cash payments. This legislation comes as a response to the growing trend of businesses favoring digital payments and potentially refusing cash transactions. The intent of the bill is to safeguard consumer rights, ensuring that all consumers retain their ability to transact in cash, especially at physical retail locations.

Contention

Some contentious points surrounding SB1984 include concerns from businesses regarding the additional operational burden that accepting cash could impose, particularly in terms of handling cash transactions, theft risks, and potential hygiene issues in a post-pandemic world. Furthermore, some lawmakers argue that the bill may negatively impact the ongoing transition towards a cashless society, which they believe could provide greater efficiencies in financial transactions. Proponents contend that cash acceptance is crucial for consumer rights, particularly for those who may not have access to banking services or who prefer the anonymity of cash transactions.

Companion Bills

US HB4128

Related Payment Choice Act of 2023

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