House Study Bill 269 - Introduced HOUSE FILE _____ BY (PROPOSED COMMITTEE ON WAYS AND MEANS BILL BY CHAIRPERSON KAUFMANN) A BILL FOR An Act relating to accepted forms of payment by a commercial 1 enterprise. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 1947YC (1) 91 nls/ko

H.F. _____ Section 1. NEW SECTION . 554I.1 Commercial enterprises —— 1 accepted forms of payment —— cash. 2 1. A commercial enterprise transacting business in this 3 state from a physical location shall accept cash as a form of 4 payment, and shall not maintain a cash-free location. 5 2. A violation of this section shall result in the 6 revocation of a commercial enterprise’s license to conduct 7 business in this state. 8 3. The department of insurance and financial services shall 9 adopt rules pursuant to chapter 17A to administer this section. 10 EXPLANATION 11 The inclusion of this explanation does not constitute agreement with 12 the explanation’s substance by the members of the general assembly. 13 This bill relates to the forms of payment accepted by a 14 commercial enterprise. Under the bill, a commercial enterprise 15 transacting business in this state from a physical location 16 shall accept cash as a form of payment, and shall not maintain 17 a cash-free location. A violation of the bill shall result in 18 the revocation of a commercial enterprise’s license to conduct 19 business in this state. 20 The department of insurance and financial services shall 21 adopt rules to administer the bill. 22 -1- LSB 1947YC (1) 91 nls/ko 1/ 1