Illinois’ controversial Interchange Fee Prohibition Act has taken another turn in court. The law prohibits credit card holder’s bank from charging or receiving interchange fees on portions of transaction, including taxes and gratuities. A judge has ruled that financial institutions chartered outside Illinois that conduct business within the state do not have to comply with the law. Ben Jackson is with the Illinois Bankers Association.
Machalagh Carr with the American Free Enterprise Chamber of Commerce says uniformity is essential for financial stability.
Another hearing on the lawsuit is scheduled for March 6th in Chicago.
Story from Illinois Radio Network
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