Illinois lawmakers delayed by another year a law banning the collection of “swipe fees” on retail taxes and tips as banks and credit unions seek to invalidate the statute in court.
The state’s Interchange Fee Prohibition Act is now scheduled to take effect in July 2027 under a bill (SB3645) passed Monday by both houses of the Illinois General Assembly.
Illinois lawmakers initially passed the first-of-its-kind swipe fee ban and Gov. JB Pritzker (D) signed it into law in 2024. Implementation has been delayed multiple times while banks and credit unions challenge the measure.
The law’s ban on ...
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