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Proposed Legislation › Interchange Fees

Sheppard Mullin Richter & Hampton LLP

Illinois Delays Interchange Fee Ban by One Year

Sheppard Mullin Richter & Hampton LLP on

On June 1, the Illinois General Assembly passed a bill that, if enacted, will delay the effective date of the Interchange Fee Prohibition Act by one year, from July 1, 2025, to July 1, 2026. The law prohibits financial...more

Orrick, Herrington & Sutcliffe LLP

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

Orrick, Herrington & Sutcliffe LLP on

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 As previously covered by InfoBytes, Illinois originally enacted...more

Womble Bond Dickinson

The Complexities and Costs of Eliminating Interchange Fees on Sales Tax Portions

Womble Bond Dickinson on

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

A&O Shearman

Draft UK Legislation Published to Onshore the EU Interchange Fee Regulation for Brexit

A&O Shearman on

HM Treasury has published a draft version of the Interchange Fee (Amendment) (EU Exit) Regulations 2018, along with explanatory information. The draft Regulations will primarily affect payment system operators, payment...more

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