(The Center Square) – Banking groups are applauding the news that Illinois’ controversial Interchange Fee Prohibition Act is being placed on the back burner for a year.
The law would prohibit interchange fees from being charged on portions of credit and debit card transactions that include taxes and gratuities.
The law is currently being challenged in federal court, so the Illinois General Assembly has moved to delay its implementation until next year. Gov. J.B. Pritzker still has to sign off on the legislature’s action to extend the deadline for a year.
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“We are pleased because this will give the court the opportunity to rule on the legality of the law which otherwise would go into effect,” said Jodie Kelley, CEO of the Electronic Transactions Association.
The Illinois Bankers Association
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