In order to ensure accessibility to services and products for all consumers, especially those who prefer or do not have access to electronic payment methods, Florida is considering a bill that could transform the way companies transact.
The legislation, which is expected to go into effect on July 1, 2024, intends to require certain businesses to accept cash payments for most in-person transactions. Additionally, it prohibits businesses from imposing fees or setting conditions for accepting cash.
The proposal would cover any business with a fixed physical location, operating from a vehicle or in a temporary location. However, online, telephone, mail and other electronic methods transactions are excluded. Some professional services such as accountants, lawyers and financial advisors are also exempt, as are parking facilities owned by municipalities or that accept electronic transfers.
The law would apply to all purchases of tangible goods or services where other forms of payment are accepted. Individual transactions over US$5,000 would be exempt from this obligation.
Cash payments law seeks to equalize opportunities for consumers
This bill seeks to balance convenience for consumers who prefer or rely on cash, while providing some flexibility and protection to businesses from potential drawbacks and risks associated with cash transactions. This measure is expected to generate a significant impact on payment dynamics in the state of Florida.
To give businesses some flexibility, the proposal allows them to reject bills over $20 or those suspected of being counterfeit. This seeks to protect companies from possible fraud or large cash transactions.
(Also we recommend: Florida schools will have shorter schedules: starting when?)
Fines for noncompliance would be up to $2,500 for the first violation, $5,000 for the second violation, and $10,000 for subsequent violations.
Those companies that do not comply with this legislation could face considerable fines. The first violation would carry a fine of up to US$2,500, the second of US$5,000 and subsequent violations of US$10,000.
#Florida #proposed #law #force #companies #change #charging
