Plain English Breakdown
The candidate explanation includes some details that are not explicitly supported by the official source material.
Rounding Cash Payments
This law requires merchants in California to round cash payment totals to the nearest amount divisible by five cents.
What This Bill Does
- Requires merchants to round cash payment totals to the nearest multiple of five cents for transactions paid with legal tender.
- Defines legal tender as all coins and currencies issued by the United States government.
- Authorizes the Commissioner of Financial Protection and Innovation to create rules for implementing this law, including regulating exemptions or exclusions.
Who It Names or Affects
- Merchants who accept cash payments in California
- Customers making purchases with cash in California
Terms To Know
- Legal Tender
- Money that is officially accepted for paying debts and taxes, such as coins and paper money issued by the government.
Limits and Unknowns
- The bill does not specify how rounding will affect prices or customer payments.
- It's unclear what exemptions might be allowed under future regulations.