Cash Discount Act

Summary

Cash Discount Act - Title I: Cash Discounts - Amends the Truth in Lending Act to state 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, 1983. Title III: Technical Amendment to Truth in Lending - Makes a technical amendment. Title IV: Retention of Real Estate by National Banks - Permits any national banking association which, on the date of enactment of this Act, holds title to real estate which it carried on its books at a nominal rate on December 31, 1980, to continue to hold such real estate until December 31, 1982, if the earnings from such real estate are disclosed separately in its financial statements.

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1 official file

• Introduced in Senate

  summary · EN · 6 February 1981

  Open at official source

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