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[The following is a paid advertisement.]
A last-minute provision called the Interchange Fee Prohibition Act (IFPA) was snuck into the budget process last May and will create chaos for small businesses and consumers across Illinois if it takes effect on July 1, 2025.
The IFPA gives corporate mega-stores like Walmart and Home Depot — who pushed for this backroom deal — millions more in profits, while small business owners get new expenses and accounting headaches. What’s more, consumers could be forced to pay for parts of their transactions in cash if this law moves forward.
A recent court ruling in the litigation challenging the law suggests IFPA is likely pre-empted by federal law for national banks and will only apply to credit unions and local Illinois banks, putting local banks at a disadvantage against their national competitors.
Illinois lawmakers should repeal the IFPA and focus on protecting small businesses and consumers across the state — not lining the pockets of corporate mega-stores.
Stop the countdown to chaos by supporting a repeal of this misguided and flawed policy. Learn more at https://guardyourcard.com/illinois/
posted by Advertising Department
Wednesday, Feb 19, 25 @ 12:38 pm
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Previous Post: Pritzker: ‘If you come to the table looking to spend more – I’m going to ask you where you want to cut’
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