The Interchange Fee Prohibition Act was part of the FY25 budget bills Illinois Gov. JB Pritzker signed in June. Starting July 1, 2025, credit card companies will be barred from charging fees on taxes and tips. The Illinois Bankers Association joined other organizations that are currently suing the state in federal court. They claim the Interchange Fee Prohibition Act violates federal law.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
3/4 of the public doesn’t understand it or it’s effects (zero to the consumer).