New York's new law that requires retailers to accept cash went to effect on March 21st.
The legislation (S4153A/A7929), which was signed into law by New York Governor Kathy Hochul last November, prohibits food stores and retail establishments from refusing to accept cash as payment. The law also prohibits retailers from charging a higher price for cash-based transactions.
Stores are allowed, however, to refuse to accept bills in denomination greater than $20. The law also doesn't apply to transactions that are completed by phone or mail or on the internet. In lieu of directly accepting cash, stores can also have machines in-store that convert cash to payment cards.
Retailers that violate the law are subject to civil penalties of up to $1,000 for the first violation and up to $1,500 for each subsequent violation.
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