15-U.S.C.-1666F
§1666F – Inducements to Cardholders By Sellers of Cash Discounts For Payments By Cash, Check Or Similar Means; Finance Charge For Sales Transactions Involving Cash Discounts
Pathway
Title 15 > Chapter 41 > Subchapter I > Part D > Section 1666f
Details
- Reference: Section 1666f
- Legend: §1666F – Inducements to Cardholders By Sellers of Cash Discounts For Payments By Cash, Check Or Similar Means; Finance Charge For Sales Transactions Involving Cash Discounts
- USCode Year: 2013
Provision Content
(a) Cash discounts
With respect to credit card which may be used for extensions of credit in sales transactions in which the seller is a person other than the card issuer, the card issuer may not, by contract or otherwise, prohibit any such seller from offering a discount to a cardholder to induce the cardholder to pay by cash, check, or similar means rather than use a credit card.
(b) Finance charge
With respect to any sales transaction, any discount from the regular price offered by the seller for the purpose of inducing payment by cash, checks, or other means not involving the use of an open-end credit plan or a credit card shall not constitute a finance charge as determined under section 1605 of this title if such discount is offered to all prospective buyers and its availability is disclosed clearly and conspicuously.
(Pub. L. 90–321, title I, §167, as added Pub. L. 93–495, title III, §306, Oct. 28, 1974, 88 Stat. 1515; amended Pub. L. 94–222, §3(c)(1), Feb. 27, 1976, 90 Stat. 197; Pub. L. 97–25, title I, §101, July 27, 1981, 95 Stat. 144.)
Amendments
1981—Subsec. (b). Pub. L. 97–25 substituted With respect to any sales transaction, any discount from the regular price offered by the seller for the purpose of inducing payment by cash, checks, or other means not involving the use of an open-end credit plan or a credit card shall not constitute a finance charge as determined under section 1605 of this title if such discount is offered to all prospective buyers and its availability is disclosed clearly and conspicuously for With respect to any sales transaction, any discount not in excess of 5 per centum offered by the seller for the purpose of inducing payment by cash, check, or other means not involving the use of a credit card shall not constitute a finance charge as determined under section 1605 of this title, if such discount is offered to all prospective buyers and its availability is disclosed to all prospective buyers clearly and conspicuously in accordance with regulations of the Board.
1976—Subsec. (a). Pub. L. 94–222 temporarily designated existing provisions as par. (1) and added par. (2). See Termination Date of 1976 Amendment note below.
Termination Date of 1976 Amendment
Section 3(c)(2) of Pub. L. 94–222, as amended by Pub. L. 95–630, title XV, §1501, Nov. 10, 1978, 92 Stat. 3713; Pub. L. 97–25, title II, §201, July 27, 1981, 95 Stat. 44, provided that: The amendments made by paragraph (1) [amending this section] shall cease to be effective on February 27, 1984.
Nullification of Board Rules and Regulations Under Subsection (b) of This Section in Effect on July 26, 1981
Pub. L. 97–25, title I, §103, July 27, 1981, 95 Stat. 144, provided that: Any rule or regulation of the Board of Governors of the Federal Reserve System pursuant to section 167(b) of the Truth in Lending Act [subsec. (b) of this section], as such section was in effect on the day before the date of enactment of this Act [July 27, 1981], is null and void.
U.S. Encyclopedia of Law Coverage
15-U.S.C.-1646 in the Legal Encyclopedia: Trade Law
In this entry about 15-U.S.C.-1646, find legal reference material, bibliographies and premiere content related to trade law in the American Encyclopedia of Law, presenting a comprehensive view of the United States trade law-specific issues, written by authorities in the field.
15-U.S.C.-1665E in the Legal Encyclopedia: Consumer Credit Protection
In this entry about 15-U.S.C.-1665E, find legal reference material, bibliographies and premiere content related to consumer credit protection in the American Encyclopedia of Law, presenting a comprehensive view of the United States consumer credit protection-specific issues, written by authorities in the field.
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