Last week, Florida Senate Bill 106: Acceptance of Cash Payments passed its first committee unanimously. The legislation, sponsored by State Senator Shevrin Jones (D-Miami Gardens), aims to address the challenges faced by individuals who rely on cash transactions by promoting financial inclusion and access to essential goods and services. SB 106 will require businesses to accept cash as a valid form of payment in recognition that not everyone has access to traditional banking or digital payment methods.
“Everyone, regardless of their financial status or background, ought to be able to fully participate in our economy, and unfortunately, today’s increasingly digital era has put up barriers to entry,” Senator Jones said. “This bill is a crucial step forward as we work to expand economic opportunities, foster an environment in which everyone can engage in transactions with ease, and empower community members to participate in a more equitable, accessible marketplace.”
“We have a bill here that both Republicans and Democrats can agree on,” Representative Joel Rudman (R-Navarre), who is carrying this bill in the Florida House, said. “In this era of hyperpartisanship where it’s hard to get anyone to agree on anything, we should look for more of these policies where we can join forces, and do the right thing for Floridians of all walks of life. There’s a reason our currency says ‘This notice is legal tender for all debts, public and private.’ We should respect the value of our hard-earned money.”
Key provisions of SB 106 include guidelines for businesses to comply with the new requirement, ensuring a smooth transition for both consumers and establishments. The bill strikes a balance between technological advancements and the need for financial inclusivity, acknowledging the importance of accommodating various consumer preferences.
