HSB 269 (LSB 1947YC (1) 91)

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 enterprise.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  NEW SECTION.  554I.1  Commercial enterprises —— accepted forms of payment —— cash.
   1.  A commercial enterprise transacting business in this state from a physical location shall accept cash as a form of payment, and shall not maintain a cash-free location.
   2.  A violation of this section shall result in the revocation of a commercial enterprise’s license to conduct business in this state.
   3.  The department of insurance and financial services shall adopt rules pursuant to chapter 17A to administer this section.
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
   This bill relates to the forms of payment accepted by a commercial enterprise. Under the bill, a commercial enterprise transacting business in this state from a physical location shall accept cash as a form of payment, and shall not maintain a cash-free location. A violation of the bill shall result in the revocation of a commercial enterprise’s license to conduct business in this state.
   The department of insurance and financial services shall adopt rules to administer the bill.