The bill amends Section 10A of chapter 255D of the General Laws to introduce a new rounding system for cash transactions that end in specific cent amounts. If a buyer cannot provide the exact change in legal tender, transactions that end in 1, 2, 6, or 7 cents will be rounded down to the nearest multiple of 5 cents, while those ending in 3, 4, 8, or 9 cents will be rounded up. Additionally, transactions totaling $0.01 or $0.02 may be rounded up to $0.05. It is specified that sellers must calculate taxes based on the original sales price before rounding and that this rounding rule does not apply when exact change is available or when alternative payment methods are used.

Furthermore, the bill mandates clear and conspicuous disclosure of the rounding policy to consumers. The office of consumer affairs and business regulation, in collaboration with the department of revenue, is tasked with providing guidance to sellers on the necessary disclosure notices related to this rounding practice and the acceptance of legal tender versus other payment methods.

Statutes affected:
Bill Text: 255D-10A