Senate Bill 2498 aims to establish regulations for cash transaction rounding in Tennessee. It mandates the Department of Finance and Administration to create rules that require cash transactions to be rounded to the nearest five cents ($0.05). The bill also stipulates that these rules must include standards to prevent rounding practices that unfairly benefit sellers and require receipts to clearly itemize transaction subtotals, rounding adjustments, and the total price.

Additionally, the bill amends Tennessee Code Annotated, Section 47-18-104(b), by adding a new subdivision that specifies failure to comply with the cash transaction rounding rules as a violation. The enforcement of these rules will be carried out by the Department of Finance and Administration using existing resources. The act is set to take effect upon becoming law, emphasizing the importance of public welfare in its implementation.

Statutes affected:
Introduced: 47-18-104(b), 47-18-104