DES MOINES, Iowa — Iowa businesses and consumers may soon have guidance on how to handle cash sales now that the coins are no longer produced.
On Thursday, the Senate unanimously passed SF 2456, which regulates when and how cash transactions can be conducted.
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The bill provides that if a transaction ends in one, two, six, or seven, it may be rounded to the nearest nickel for those paying with cash. For example, if a transaction amount is $1.56, the total will be rounded down to $1.55.
For transactions ending in three, four, eight or nine, the transaction will be rounded to the nearest fifth. So if a consumer owes $1.54, they will pay $1.55 for a cash transaction.
The bill also provides that for transactions totaling only one or two cents, the amount owed would be rounded to the nearest five cents.
The bill has been sent to the House of Representatives for consideration.
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