GIACT and Hudson Cook Break Down NACHA’s New Account Validation Rule
The practice of charging consumers a fee for paying via credit card — known as surcharging — has been both increasingly common and increasingly controversial over the last decade. Visa and Mastercard first began to allow...more
Illinois has become the first state to adopt legislation banning interchange fees on the tax amount and gratuity (tip) amount of a credit or debit payment transaction. The Illinois Interchange Fee Prohibition Act (IFPA)i,...more
On May 29, 2024, Illinois lawmakers passed an omnibus budget bill (HB4951) that includes the Interchange Fee Prohibition Act (the “Act”). The Act prohibits the collection of debit and credit card interchange fees for sales...more
New York City has amended its Administrative Code to make it unlawful for food stores and other retail establishments to refuse to accept payments in cash. Food stores are defined as “an establishment which gives or offers...more