AB 1793: Cash payments: calculation.

Federal law establishes United States coins and currency as legal tender for all debts, public charges, taxes, and dues, and authorizes the Secretary of the Treasury to mint and issue a one-cent coin. Existing state law generally regulates the use of credit cards, debit cards, gift certificates, and other forms of payment for goods and services in this state.

This bill would enact the Californians for California Common Cents Act to require a merchant, for a transaction paid with legal tender, to determine the total price of goods or services by rounding to the nearest amount divisible by five, 5, as specified. The bill would define legal tender as all coins and currencies of the United States. The bill would authorize the Commissioner of Financial Protection and Innovation Treasurer to promulgate regulations to implement the act, including regulating exemptions or exclusions from the acts requirements.