America's two new laws to keep cash a choice
May 21, 2019
Last month, New Jersey became the American second state to outlaw cashless shops in response to recent concerns that cashless stores discriminate against the 25% of Americans who are underbanked.
Major cities, Philadelphia and San Francisco also made headlines for passing their own pro-cash law. Now, two separate bills have been introduced, which if passed, it will be illegal for retailers to refuse cash as a customer payment anywhere in the US.
"The American people want Congress to work for working people ...25% Americans don't have credit cards. Yet, more and more businesses are refusing to serve customers who want to pay in cash. This bill will protect the economic freedom and opportunity of millions of working people."
The Payment Choice Act
Bill H.R.2630 (also referred to as the CASH Act) would make it unlawful for any physical retail establishment to refuse to accept cash as payment, and for other purposes. With the exception of online retailers, physical stores where the customer is paying in person, should always allow the option to pay with legal tender. Refusing cash would slap retailers with penalties according to the Federal Trade Commission Act.
It was introduced on May 9th, 2019, by Rep. Cicilline, David N. a Democrat from Rhode Island. The CASH Act has since been co-sponsored by at least 9 lawmakers, including representatives for New York, Minnesota and Massachusetts.
Currently, the bill is being reviewed by the House Committee on Energy and Commerce.
The Payment Choice Act
On May 9th, 2019 Rep. Donald M. Payne Jr. from New Jersey introduced Bill H.R.2650, referred to as The Payment Choice Act. This bill would prohibit retail businesses from refusing cash payments, and for other purposes.
“The Payment Choice Act was informed by what’s going on in New Jersey, Philadelphia, New York, Chicago, and elsewhere,”
Cash Always Should Be Honored (CASH) Act
Bill H.R.2630 (also referred to as the CASH Act) would make it unlawful for any physical retail establishment to refuse to accept cash as payment, and for other purposes. With the exception of online retailers, physical stores where the customer is paying in person, should always allow the option to pay with legal tender. Refusing cash would slap retailers with penalties according to the Federal Trade Commission Act.
It was also introduced on May 9th, 2019, by Rep. David N. Cicilline from Rhode Island. The CASH Act has since been co-sponsored by at least 9 lawmakers, including representatives for New York, Minnesota and Massachusetts.
Currently, the bill is being reviewed by the House Committee on Energy and Commerce.
“You should be able to use cash anywhere.”
Snippet from Square white paper 'Making Change (May 2019)