An Act regarding currency efficiency and non-digital tendering scarcity
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill modifies how cash transactions are handled in Massachusetts. It establishes rules for rounding amounts in transactions ending in 1, 2, 6, or 7 cents, rounding up to the nearest 5 cents, and for transactions ending in 3, 4, 8, or 9 cents, rounding up to the nearest 5 cents. The bill also requires clear disclosure when rounding occurs and specifies that these rules don’t apply to certain payment methods like electronic transfers.
Key provisions
- Transactions ending in 1, 2, 6, or 7 cents will be rounded down to the nearest multiple of 5.
- Transactions ending in 3, 4, 8, or 9 cents will be rounded up to the nearest multiple of 5.
- The Office of Consumer Affairs and Business Regulation will issue guidance on rounding practices.
- Clear disclosure of rounding is required for transactions using legal tender.
- The bill does not apply to transactions using electronic payment methods.
- The bill applies to sales of goods and services.
- The bill applies to taxes and fees imposed by the Commonwealth or its political subdivisions.
- Specific rounding rules apply to transactions totaling $0.01 or $0.02.
Who is affected
- Retailers and businesses selling goods or services
- Consumers making purchases
- The Office of Consumer Affairs and Business Regulation
- The Department of Revenue
- The Commonwealth of Massachusetts
Bill text
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Sponsors
Official sponsors from legislative records.
8 on record
Primary sponsor
Joint Committee on Consumer Protection and Professional Licensure
Cosponsors
Jeffrey Rosario Turco
Joseph D. McKenna
Arguments
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