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United States · Bill · HR

H.R. 7340 (96th)

Cash Discount Act

referredUnited States· United States Congress· EN

Introduced

14 May 1980

Last action

4 June 1980 · Introduced

Status

Referred to Senate Committee on Banking, Housing and Urban Affairs.

Sponsors

Rep. Annunzio, Frank [D-IL-11], Rep. Spellman, Gladys Noon [D-MD-5], Rep. Vento, Bruce F. [D-MN-4], Del. Fauntroy, Walter E. [D-DC-At Large], Rep. Evans, Thomas B., Jr. [R-DE-At Large], Rep. Wylie, Chalmers P. [R-OH-15], Rep. Mitchell, Parren J. [D-MD-7]

Subjects

Discovery layer

Source updated

2 September 2025

Official sourceView documentsShare

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 14 May 1980

    Introduced

    Referred to House Committee on Banking, Finance and Urban Affairs.

    Source: IntroReferral

  2. 14 May 1980

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 14 May 1980

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 3 June 1980

    Passed

    Measure passed House.

    Source: Floor

  5. 3 June 1980

    Passed

    Passed/agreed to in House: Measure passed House.

    Source: Floor

  6. 3 June 1980

    Floor

    Measure called up under motion to suspend rules and pass in House.

    Source: Floor

  7. 4 June 1980

    Introduced

    Referred to Senate Committee on Banking, Housing and Urban Affairs.

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

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Sponsors

Related records

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Sources

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