2015 US Code
Title 15 - Commerce and Trade (Sections 1 - 8405)
Chapter 41 - Consumer Credit Protection (Sections 1601 - 1693r)
Subchapter I - Consumer Credit Cost Disclosure (Sections 1601 - 1667f)
Part D - Credit Billing (Sections 1666 - 1666j)
Sec. 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

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Metadata
Publication TitleUnited States Code, 2012 Edition, Supplement 3, Title 15 - COMMERCE AND TRADE
CategoryBills and Statutes
CollectionUnited States Code
SuDoc Class NumberY 1.2/5:
Contained WithinTitle 15 - COMMERCE AND TRADE
CHAPTER 41 - CONSUMER CREDIT PROTECTION
SUBCHAPTER I - CONSUMER CREDIT COST DISCLOSURE
Part D - Credit Billing
Sec. 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
Containssection 1666f
Date2015
Laws In Effect As Of DateJanuary 3, 2016
Positive LawNo
Dispositionstandard
Source CreditPub. 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.
Statutes at Large References88 Stat. 1515
90 Stat. 197
92 Stat. 3713
95 Stat. 144, 44
Public and Private LawsPublic Law 90-321, Public Law 93-495, Public Law 94-222, Public Law 95-630, Public Law 97-25

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15 U.S.C. § 1666f (2015)
§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(a) Cash discounts

With respect to credit 1 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."

1 So in original. Probably should be preceded by "a".

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