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Expert Analysis

Challenge To Ill. Card Fee Law Explores Compliance Hurdles

By Martin Kiernan ( October 9, 2024, 5:41 PM EDT) -- Illinois' Interchange Fee Prohibition Act, signed into law in June by Gov. J.B. Pritzker, will prohibit financial institutions from receiving or charging an interchange fee on the tax and gratuity portions of debit and credit transactions, and restrict the use or transmittal of electronic payment transactions data. The act defines "interchange fees" as "a fee established, charged, or received by a payment card network for the purpose of compensating the issuer for its involvement in an electronic payment transaction."...

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