A bill to extend the State Taxation of Depositories Act.
PL 94-222 (S.2672), enacted 02/27/1976

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 follow-
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 
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 (15U.S.C. 1640(f)) 
is amended to read as follows: 
"(f) No provision of this section or section 112 imposing any lia-
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interpretation, or approval is amended, rescinded, or determined by 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 
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 effec-
tive 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 u s e 548 note. 
"Discount." 
15 u s e 1666f. 
"Surcharge." 
15 u s e 1611. 
Credit card 
surcharge, 
prohibition. 
Expiration date. 
15 u s e 1666f 
note. 
90 STAT. 198 
PUBLIC LAW 94-222—FEB. 27, 1976 
(d) Section 171 of the Truth in Lending Act (15 U.S.C. 1666j) is 
amended by adding at the end thereof the following new subsection: 
"(c) Notwithstanding any other provisions of this title, any dis-
count offered under section 167(b) of this title shall not be considered 
a finance charge or other charge for credit under the usury laws of any 
State or under the laws of any State relating to disclosure of informa-
tion in connection with credit transactions, or relating to the types, 
amounts or rates of charges, or to any element or elements of charges 
permissible under such laws in connection with the extension or use of 
credit.". 
Effective date. 
SEC. 4. The first section of the Act takes effect on January 1,1976. 
12 use 548 note. 
Approved February 27, 1976. 
LEGISLATIVE HISTORY: 
SENATE REPORT No. 94-472 (Comm. on Banking, Housing and Urban Affairs). 
CONGRESSIONAL RECORD: 
Vol. 121 (1975): Dec. 8, considered and passed Senate. 
Dec. 16, considered and passed House, amended. 
Vol. 122 (1976): Feb. 6, Senate concurred in House amendment with amend-
ments. 
Feb. 9, House agreed to Senate amendments.