Lawmakers in Illinois voted early Monday morning to delay the implementation of a law that would limit credit card swipe fees from being charged on tips and tax payments.
State lawmakers in the Land of Lincoln advanced a $56-billion budget in the wee hours of the morning. Among the provisions was language to delay the effective date for the Interchange Fee Prohibition Act until July 2027.
This is a nice win for the banking lobby, which has directed a lot of ire towards the IFPA since Illinois enacted the law in 2024. Top advocates, meanwhile, are pushing for the state to fully repeal the bill.
