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1 Legislative History of the State Taxation of Depositories Extension P.L. 94-222 1 (1976)

handle is hein.leghis/legstaxdep0001 and id is 1 raw text is: Public Law 94-222 94th Congress, S. 2672 Fe'bruary 27, 1976 51n 21[t To extend the State Taxation of Depositories Act. Be it enacted by the Senate and House of Representatives of the United State8 of America in Congress as8embled, That subsection (c) State taxation of the State Taxation of Depositories Act (section 7 (c) of Public Law of depositories. 93-100) is amended by striking out January 1, 1976 and inserting in Extension. lieu thereof September 12, 1976. 12 USC 548 SEC. 2. Section 2(a) of Public Law 93-100 (12 U.S.C. 1832(a)) is 'ate. 12 USC S48 amended by inserting after Massachusetts a comma and the follow- note. ing: 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 subsec- tions (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 Discount. made from the regular price. The term 'discount' as used in section 167 15 USC 1666f. shall not mean a surcharge. (q) The term 'surcharge' as used in section 103 and section 167 Surcharge. 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 lia- IS USC 1611. bility shall apply to any act done or omitted in good faith in con- formity 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that after such act or omission has occurred, such rule, regulation, interpretation, or approval is amended, rescinded, or determined by judicial or other authority to be invalid for any reason..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 Credit card a cardholder who elects to use a credit card in lieu of payment by surcharge, cash, check, or similar means.. prohibition. (2) The amendment made by paragraph (1) shall cease to be effec- Expiration tive upon the expiration of three years after the date of enactment date. of this Act. 15 USC 1666f note. 90 STAT. 197

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