Illinois amendment to delay the effective date of its Interchange Fee Prohibition Act passes both chambers

On May 31, the Illinois General Assembly passed legislation to defer the effective date of the Interchange Fee Prohibition Act by one year until July 1, 2026. As previously covered by InfoBytes, Illinois originally enacted the Interchange Fee Prohibition Act to ban credit card issuers from charging an interchange fee on the tax or gratuity of a transaction. This issue has been the subject of litigation filed by several trade associations (also covered by InfoBytes here).