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Can you summarize 15 USC 1666f?
Credit Billing > Inducements to cardholders by sellers of cash discounts for payments by cash, check or similar means; finance charge for sales transactions involving cash discounts
Short Summary
This provision, found in the United States Code under the Consumer Credit Protection Act, addresses the offering of cash discounts to cardholders by sellers in sales transactions where the seller is not the card issuer. It states that card issuers cannot prohibit sellers from offering discounts to cardholders to encourage payment by cash, check, or similar means instead of using a credit card. Additionally, it clarifies that any discount offered by a seller to induce payment by cash, check, or other means not involving the use of an open-end credit plan or a credit card does not constitute a finance charge if it is offered to all prospective buyers and its availability is clearly and conspicuously disclosed.
Whom does it apply to?
Card issuers and sellers in sales transactions where the seller is a person other than the card issuer
What does it govern?
Inducements to cardholders by sellers of cash discounts for payments by cash, check or similar means; finance charge for sales transactions involving cash discounts
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
U.S. Federal Government