No. CS/SB 1074
Filed under Taxes & Budget.
One-cent Piece; Defining the term “cash”; authorizing dealers to round to the nearest nickel in certain circumstances; providing that rounding to the nearest nickel is not a deceptive and unfair trade practice in certain circumstances; requiring that certain cash payments be made in the full amount due or rounded in a specified manner in certain circumstances, etc.
Plain English Summary
AI-GENERATEDIf the 1-cent piece is no longer in production, in-person cash transactions may be rounded to the nearest nickel using a specific methodology.
Rounding applies only to cash transactions and does not alter the sales price, tax collected, or any surcharges, assessments, or fees.
Rounding to the nickel is explicitly excluded from the definition of a deceptive and unfair trade practice under the Florida Deceptive and Unfair Trade Practices Act.
Cash payments made to a seller under the specific section must be made in the full amount due or rounded up to the nearest nickel if the penny is discontinued.
AIPermits rounding in-person cash transactions to the nearest nickel if the 1-cent piece is no longer in production.
AIRequires specific rounding rules based on the final digit of the transaction amount.
AIProhibits rounding for transactions paid by noncash methods, including electronic funds transfer, check, gift card, money order, credit card, or mixed tender.
AIProhibits rounding from altering the sales price, tax collected, or any surcharges, assessments, or fees.
AIExempts rounding a consumer sale to the nearest nickel from the application of the unfair and deceptive trade practices law if the 1-cent piece is no longer in production.
AIRequires any cash payment made to a seller to be made in the full amount due or rounded up to the nearest nickel if the 1-cent piece is no longer in production.