New Jersey state legislators recently passed a bill that prevents businesses from banning cash purchases by a 72-2 vote in the state Assembly and a 39-0 vote in the state Senate. According to Digital Transactions, once signed by Gov. Phil Murphy, the proposed law would make New Jersey the second state in the country to pass such legislation.
The bill – A591 – impacts all in-person retail businesses and excludes telephone, mail or internet-based transactions, where credit-only will still be legal. Businesses that do not comply will face penalties of up to $10,000 for a first offence and up to $20,000 for any subsequent offense. By the way, New York City is considering a similar law.