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House committee reviews bill to allow 'nickel rounding' of cash transactions
Summary
The House Commerce & Economic Development Committee heard testimony on House Bill 837, which would authorize optional rounding of cash transactions to the nearest 5 cents. Witnesses from retail, banking and consumer-protection groups backed an optional, clearly posted approach and urged consultation with the AG and financial regulators.
The House Committee on Commerce & Economic Development on March 31 heard testimony on House Bill 837, which would authorize the rounding of cash transactions to the nearest five cents when pennies are unavailable.
Cameron Wood, legislative counsel in the Office of Legislative Council, told the committee the bill — titled the "nickel rounding for cash transactions act" in its short title — would add a new section to Title 9 to define cash transactions and permit symmetrical rounding after taxes and fees. "The purpose of this act is to authorize the rounding of cash transactions to the nearest 5 cents where one-cent coins are unavailable or impractical," Wood said, describing the statutory formula for rounding and noting the proposal applies only to cash, not electronic…
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