Cash Discount Act

Summary

Cash Discount Act - Title I: Cash Discounts - Amends the Truth in Lending Act to stipulate that any discount (currently, discounts up to five percent) offered by sellers from the "regular price" to induce payment by cash or other means not involving open-end credit plans or credit cards shall not constitute a finance charge. Voids any rule of the Board of Governors of the Federal Reserve System promulgated under the current provision. Title II: Ban on Credit Card Surcharges - Extends the termination of the prohibition against credit card surcharges from February 27, 1981, to February 27, 1984. Title III: Technical Amendment to Truth in Lending - Makes a technical amendment.

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

Timeline

1. 5 February 1981

   Referred

   Rereferred to Subcommittee on Consumer Affairs.

   Source: Committee

2. 5 February 1981

   Introduced

   Read second time and referred to Senate Committee on Banking.

   Source: IntroReferral

3. 5 February 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

4. 10 February 1981

   Committee

   Committee on Banking requested executive comment from Federal Reserve System; Federal Home Loan Bank Board; Office of the Comptroller of the Currency.

   Source: Committee

5. 18 February 1981

   Committee

   Subcommittee on Consumer Affairs. Hearings held.

   Source: Committee

6. 23 February 1981

   Committee

   Committee on Banking received executive comment from National Credit Union Administration. Favorable.

   Source: Committee

7. 25 February 1981

   Committee

   Committee on Banking received executive comment from Federal Home Loan Bank Board.

   Source: Committee

8. 26 February 1981

   Reported

   Committee on Banking. Ordered to be reported with an amendment in the nature of a substitute favorably.

   Source: Committee

9. 27 February 1981

   Calendars

   Placed on Senate Legislative Calendar under Regular Orders. Calendar No. 28.

   Source: Calendars

10. 27 February 1981

    Reported

    Committee on Banking. Reported to Senate by Senator Garn favorably with an amendment in the nature of a substitute. With written report No. 97-23.

    Source: Committee

11. 27 February 1981

    Reported

    Committee on Banking. Reported to Senate by Senator Garn favorably with an amendment in the nature of a substitute. With written report No. 97-23.

    Source: Committee

12. 5 March 1981

    Floor

    Considered by Senate.

    Source: Floor

13. 12 March 1981

    Floor

    Considered by Senate.

    Source: Floor

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Indefinitely postponed in Senate

  summary · EN · 12 March 1981

  Open at official source

• Reported to Senate with amendment(s)

  summary · EN · 27 February 1981

  Open at official source

• Introduced in Senate

  summary · EN · 5 February 1981

  Open at official source

Sponsors

• Sen. Chafee, John H. [R-RI] · R · Sponsor
• Sen. Garn, E. J. (Jake) [R-UT] · R · Sponsor
• Sen. Tower, John G. [R-TX] · R · Sponsor
• Sen. D'Amato, Alfonse [R-NY] · R · Cosponsor
• · ssbk00 · Standing

Related records

• related to → Cash Discount Act