Sponsors (24)
The bill preserves in-person cash access and strengthens consumer protections for prepaid conversions—helping low-income and unbanked Americans—while imposing compliance obligations, penalties, and temporary denomination rules that create costs, uncertainty, and some inconvenience for businesses and certain cash users.
Low-income people, unbanked individuals, seniors, and other cash-preferring consumers retain the right to pay in person with cash and keep access to in-person purchases.
Low-income and unbanked customers can make in-person purchases up to $500 because retailers must accept cash for those transactions, and merchants are prohibited from charging cash customers higher prices.
Consumers who use on-premises cash-to-prepaid-card devices and prepaid cardholders get stronger consumer protections (no device fee, max $1 deposit cap for devices, limits on personal data collection, no undisclosed card fees/expirations, and inactivity fees only after 12 months if disclosed).
Small retailers face new compliance costs, potential penalties (up to $1,500), litigation risk, and modest operational/security costs from handling more cash — costs that could be passed to consumers through higher prices.
For five years businesses may lawfully refuse $50 and larger bills, which can inconvenience customers who hold larger-denomination cash.
Treasury rulemaking after five years could change which denominations must be accepted, creating regulatory uncertainty for businesses and consumers until new rules are finalized.
Based on analysis of 3 sections of legislative text.
Requires most in-person retailers to accept cash for transactions up to $500, bans cash surcharges, allows limited exceptions, sets prepaid-card rules, and creates enforcement procedures.
Introduced February 7, 2025 by John Rose · Last progress February 7, 2025
Requires most in-person retail sellers at physical locations to accept cash for transactions up to $500 and bans surcharging customers who pay with cash, with limited exceptions. Establishes a private right of action with a 45-day pre-suit notice and cure procedure, requires Treasury rulemaking about acceptable bill denominations after a five-year transition, and sets rules for on‑site cash-to-prepaid‑card conversion devices including one disclosed monthly inactivity fee after 12 months of inactivity.