Illinois lawmakers delay credit card interchange fee law to 2027
Illinois lawmakers voted to delay the implementation of the Interchange Fee Prohibition Act, a first-in-the-nation law that would limit credit card interchange fees (the 2-4% fees businesses pay on credit card transactions). Originally set to take effect July 1, 2025, the law has been delayed to July 1, 2027, following a vote during the spring legislative session.
Key quotes
Illinois lawmakers voted to delay implementing a state law that limits some credit card fees.
The Interchange Fee Prohibition Act was set to take effect on July 1 but was delayed to July 1, 2027, during the spring legislative session.
In 2024, Illinois passed a first-in-the-nation law to end credit card interchange fees.
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