Vermont H 837: An act relating to enhanced life estate deeds

Bill Text

BILL AS INTRODUCED H.837
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VT LEG #386200 v.1
H.837 1
Introduced by Representative Casey of Montpelier 2
Referred to Committee on 3
Date: 4
Subject: Commerce and trade; money of account; cash transactions 5
Statement of purpose of bill as introduced: This bill proposes to authorize 6
rounding to the nearest five-cent increment for cash transactions. 7
An act relating to rounding cash transactions 8
It is hereby enacted by the General Assembly of the State of Vermont: 9
Sec. 1. SHORT TITLE 10
This act may be cited as the “Nickel Rounding for Cash Transactions Act.” 11
Sec. 2. PURPOSE 12
The purpose of this act is to authorize the rounding of cash transactions to 13
the nearest five cents where one-cent coins are unavailable or impractical, 14
while ensuring legal clarity and consumer fairness. 15
Sec. 3. 9 V.S.A. chapter 1 is amended to read: 16
CHAPTER 1. MONEY OF ACCOUNT 17
§ 1. DOLLAR, CENT, AND MILL 18
The money of account in the State shall be the dollar, cent, and mill; and 19
accounts in public offices and proceedings in court shall be in conformity 20

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VT LEG #386200 v.1
herewith; but this section shall not affect an account, charge, or entry originally 1
made or a contract expressed in other money of account, but the same shall be 2
reduced to dollars and parts of a dollar in an action thereon. 3
§ 2. NICKEL ROUNDING; AUTHORIZED 4
(a) Definitions. As used in this section: 5
(1) “Cash” means coins or paper currency of the United States offered in 6
physical form. 7
(2) “Cash transaction” means a sale of goods or services where payment 8
is made entirely or partially in cash. 9
(3) “Rounding” means adjusting the final total amount due, after taxes 10
and fees, to the nearest five-cent increment. 11
(b) Rounding authorization. 12
(1) A person or business engaged in a cash transaction may round the 13
final amount due to the nearest $0.05 as follows: 14
(A) If the final digit of the amount due is $0.01, $0.02, $0.06, or 15
$0.07, rounded down to the nearest amount divisible by five. 16
(B) If the final digit of the amount due is $0.03, $0.04, $0.08, or 17
$0.09, rounded up to the nearest amount divisible by five. 18
(2) If a person or business rounds a cash transaction under this section, 19
any cash refund of the amount paid shall be issued to the purchaser in the exact 20
amount initially paid for the goods or service. 21

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(c) Exclusions. This section shall not apply to: 1
(1) electronic and other noncash payments; 2
(2) payment of wages as that term is defined in 21 V.S.A. § 341; 3
(3) rebates or cash disbursements; and 4
(4) transactions governed by federal law that prohibits rounding. 5
(d) Application. Notwithstanding any law to the contrary, rounding under 6
this section shall not constitute an unlawful price increase, surcharge, unfair or 7
deceptive act or practice in commerce, or discrimination. 8
(e) Optional use. This section shall not: 9
(1) prohibit a customer from tendering exact cash, including one-cent 10
coins, unless the person or business has provided notice that the person or 11
business rounds transactions in accordance with this section; or 12
(2) require a person or business to accept cash if the person or business 13
has posted a clear policy stating that the person or business does not accept 14
cash. 15
(f) Required notice. A person or business rounding transactions under this 16
section shall post a disclosure in clear and conspicuous terms at the point of 17
sale or on customer receipts. 18
(g) Taxes. All taxes shall be calculated and remitted based on the pre-19
rounding amount. 20

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VT LEG #386200 v.1
Sec. 4. EFFECTIVE DATE 1
This act shall take effect on July 1, 2026. 2