Payment Choice Act of 2023

Hozzl · 2024-03-12T17:10:32Z

Explore the details of Senate Bill 1984 Payment Choice Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

3/12/2024, 5:10 PM

Summary of Bill S 1984

Bill 118 s 1984, also known as the Payment Choice Act of 2023, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to protect consumers' right to choose their preferred method of payment when making purchases.

The Payment Choice Act of 2023 aims to prevent businesses from discriminating against customers based on their choice of payment method. This means that businesses would not be able to charge additional fees or impose restrictions on customers who choose to pay with cash, check, or any other form of payment that is not electronic.

Additionally, the bill seeks to ensure that consumers have access to a variety of payment options, including traditional methods like cash and checks, as well as newer technologies like mobile payments and digital wallets. This is intended to promote competition in the payment industry and give consumers more control over how they pay for goods and services. Overall, the Payment Choice Act of 2023 is designed to protect consumers' rights and promote a fair and competitive marketplace for payment services. It is currently being debated in Congress, and its ultimate fate will depend on the outcome of these discussions.

Congressional Summary of S 1984

Payment Choice Act of 2023

This bill requires retail businesses to accept cash as a form of payment for on-site sales of $500 or less, and it prohibits them from charging cash-paying customers a higher price compared to customers not paying with cash. Businesses covered by this bill are those engaged in the business of selling or offering goods or services at retail to the public that accept in-person payments at a physical location.

The bill provides for enforcement through preventative relief, damages, and civil penalties.

Read the Full Bill

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Current Status of Bill S 1984

Bill S 1984 is currently in the status of Bill Introduced since June 14, 2023. Bill S 1984 was introduced during Congress 118 and was introduced to the Senate on June 14, 2023. Bill S 1984's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of June 14, 2023

Bipartisan Support of Bill S 1984

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 1984

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill S 1984

Payment Choice Act of 2023

A bill to ensure that United States currency is treated as legal tender to be accepted as payment for purchases of goods and services at brick-and-mortar businesses throughout the United States, and for other purposes.