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Law will provide businesses and consumers relief from high credit card swipe fees

The Illinois Retail Merchants Association (IRMA) released the following statement after a judge upheld the Interchange Fee Prohibition Act, which prohibits banks and credit card companies from charging swipe fees on the tax and tip portion of transactions when a consumer pays with a credit or debit card:

“Today’s ruling is a historic win for Main Street over Wall Street and will save businesses and consumers millions of dollars a year. As the first law in the nation to restrict onerous swipe fees, we hope this measure can serve as a model for other states to seek relief for businesses and working families struggling with higher costs,” said Rob Karr, president and CEO of the Illinois Retail Merchants Association. “We thank the judge for her thoughtful ruling and extend our appreciation to Attorney General Kwame Raoul for his efforts to defend this important measure. We look forward to working with Gov. JB Pritzker, Senate President Don Harmon, House Speaker Emanuel “Chris” Welch and members of the General Assembly to ensure the law is implemented as scheduled beginning July 1, 2026.”