Page:United States Statutes at Large Volume 90 Part 1.djvu/247

 PUBLIC LAW 94-222—FEB. 27, 1976

90 STAT. 197

Public Law 94-222 94th Congress An Act To extend the State Taxation of Depositories Act.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That subsection (c) of the State Taxation of Depositories Act (section 7(c) of Public Law 93-100) is amended by striking out "January 1, 1976" and inserting in lieu thereof "September 12, 1976". SEC. 2. Section 2(a) of Public Law 93-100 (12 U.S.C. 1832(a)) is amended by inserting after "Massachusetts" a comma and the following: "Connecticut, Rhode Island, Maine, Vermont,". SEC. 3. (a) Section 103 of the Truth in Lending Act (15 U.S.C. 1602) is amended by redesignating subsections (p), (q), and (r) as subsections (r), (s), and (t), respectively, and by adding after subsection (o) the following: "(p) The term 'discount' as used in section 167 means a reduction made from the regular price. The term 'discount' as used in section 167 shall not mean a surcharge. "(q) The term 'surcharge' as used in section 103 and section 167 means any means of increasing the regular price to a cardholder which is not imposed upon customers paying by cash, check, or similar means.". (b) Section 130(f) of the Truth in Lending Act (15 U.S.C. 1640(f)) is amended to read as follows: "(f) No provision of this section or section 112 imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule, regulation, or interpretation thereof by the Board or in conformity with any interpretation or approval by an official or employee of the Federal Reserve System duly authorized by the Board to issue such interpretations or approvals under such procedures as the Board may prescribe therefor, notwithstanding that after such act or omission has occurred, such rule, regulation, interpretation, or approval is amended, rescinded, or determined by judicial or other authority to be invalid for any reason.". (c)(1) Section 167(a) of the Truth in Lending Act (15 U.S.C. 1666f) is amended by inserting " (1) " immediately after " (a) " and by adding at the end thereof the following new paragraph: "(2) No seller in any sales transaction may impose a surcharge on a cardholder who elects to use a credit card in lieu of payment by cash, check, or similar means.". (2) The amendment made by paragraph (1) shall cease to be effective upon the expiration of three years after the date of enactment of this Act.

^ Feb. 27, 1976 [S. 2672] State taxation of depositories. Extension. 12 USC 548 note.

"Discount." 15 USC 1666f. "Surcharge."

15 USC 1611.

Credit card surcharge, prohibition. Expiration date. 15 USC 1666f note.

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