Cash Discount Act of 1980

Summary

Cash Discount Act of 1980 - Title I: Cash Discounts - 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 Federal Reserve 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. Title II: Ban on Credit Card Surcharges - Extends the ban against sellers imposing a surcharge on credit card users two years until February 27, 1983. Title III: Authorization of a Gold Medal to the A. Philip Randolph Institute - Authorizes the President to present a gold medal to the A. Philip Randolph Institute in recognition of Randolph's lifelong advocacy of workers' and minorities' interests. Authorizes the selling of bronze duplicates of such medal.

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1 official file

• Introduced in House

  summary · EN · 24 September 1980

  Open at official source

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