HR 6928 · 96th Congress · Finance and Financial Sector

Cash Discount Act

Introduced 1980-03-26· Sponsored by Rep. Annunzio, Frank [D-IL-11]· House

Bill Progress

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Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to House Committee on Banking, Finance and Urban Affairs.(1980-03-26)

Plain Language Summary

[AI summary unavailable — showing source text] 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 a credit card, shall not constitute a finance charge. Repeals requirements that such a discount: (1) not exceed five percent; (2) be offered to all prospective buyers; and (3) be adequately disclosed in accordance with regulations of the Board of Governors of the Federal Reserve System. 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.…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (2)

1 Democrat1 Republican
Rep. Wylie, Chalmers P. [R-OH-15]
Rep. Mikulski, Barbara A. [D-MD-3]MD