Requiring retail sellers to accept cash and providing a penalty. (FE)
Impact
The enactment of AB628 will directly affect state laws regarding retail transactions, reinforcing the use of cash as an accepted payment method. This legislation seeks to protect consumers who may not have access to digital payment methods or prefer using cash for various reasons, including privacy concerns and budgeting practices. By ensuring that cash transactions are upheld, the bill may reflect an acknowledgment of the diverse payment preferences among Wisconsin residents.
Summary
Assembly Bill 628 mandates that retail sellers in Wisconsin must accept cash as payment for transactions up to $2,000 during face-to-face sales with consumers. This initiative is aimed at ensuring consumers retain the right to pay with cash, which is particularly significant in an era where digital and card payments are increasingly favored. The bill establishes a clear guideline that prohibits retailers from refusing cash payments unless legally restricted.
Contention
Notably, AB628 may introduce points of contention among business owners who may prefer to operate cashless for reasons such as security and efficiency. Opponents of the bill might argue that requiring cash acceptance can increase costs associated with handling and safeguarding cash. Additionally, sectors involved in digital payments may express concerns that this bill could deter the progression toward a cashless economy, complicating operations for retailers who have shifted to electronic transactions.