US‘ Ohio is considering new legislation called the Currency Access to Spend Here (CASH) Act, introduced by State Representative David Thomas, to ensure businesses and government agencies accept cash payments for transactions of $500 or less.
The cash law (otherwise known as House Bill 554) mandates at least one point-of-sale location per business or government office where cash payments are accepted, either through staffed registers or automated systems, according to per NBC affiliate WCMH.
How will the new cash law benefit customers?
This legislation aims to protect consumers who prefer or rely on cash, ensuring they can make everyday purchases without facing barriers as retailers increasingly embrace cashless payment systems like self-checkout that may reject cash.
The bill also prohibits businesses from charging higher prices to customers who pay with cash compared to those using credit or debit cards, according to the US Sun.
Ohio legislators said they took action after receiving several complaints from residents claiming they were turned away when trying to pay with cash.
“It’s simple, cash is the basis for business in America…Our taxpayers should always have the ability to use cash in their daily lives,” Thomas said.
Violations of the law would be treated as unfair or deceptive business practices, and affected consumers could seek damages.
Walmart, Target and Costco among stores facing new ‘cash’ law
The new law, if enacted, could impact major retailers including Walmart, Target, and Costco, which have gradually eliminated staffed cashiers or cashier lanes accepting physical money, especially for smaller purchase amounts.
However, it may not necessarily mean hiring more staff, as the bill states that the cash point-of-sale can be “automated or operated by a person.”
What is the exemption to the proposed bill?
Exemptions in the bill, however, include transactions conducted at airports in Ohio.
The bill is currently awaiting its first hearing in the Ohio House General Government Committee.
