Cash Discount Act

Summary

Cash Discount Act - Amends the Truth in Lending Act to provide that any discount, given by a seller to a buyer to induce payment in cash or by other means not involving an open end credit plan or a credit card, shall not constitute a finance charge. Requires the seller to make known to buyers the availability of such a discount. Repeals requirements that such a discount not exceed five percent. Repeals the authority of the Board to promulgate regulations characterizing cash discounts as finance charges under the Truth in Lending Act or State usury and credit disclosure laws. Defines "regular price" as: (1) the single posted price; or (2) the price paid using an open end credit plan or a credit card if no price is posted or two prices are posted.

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1 official file

• Introduced in House

  summary · EN · 14 May 1980

  Open at official source

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