Illinois · statute · 815 ILCS 151 · 8 active provisions
(This Section may contain text from a Public Act with a delayed effective date) Sec. 150-1. Short title. This Article may be cited as the Interchange Fee Prohibition Act. References in this Article to "this Act" mean this Article.(Source: P.A. 103-592, eff. 7-1-27 (See Section 70 of P.A. 104-532 for the effective date…
(This Section may contain text from a Public Act with a delayed effective date) Sec. 150-5. Definitions. As used in this Act: "Acquirer bank" means a member of a payment card network that contracts with a merchant for the settlement of electronic payment transactions. An acquirer bank may contract directly with merchan…
(This Section may contain text from a Public Act with a delayed effective date) Sec. 150-10. Interchange fees on taxes prohibited. (a) An issuer, a payment card network, an acquirer bank, or a processor may not receive or charge a merchant any interchange fee on the tax amount or gratuity of an electronic payment trans…
(This Section may contain text from a Public Act with a delayed effective date) Sec. 150-15. Penalties. (a) An issuer, a payment card network, an acquirer bank, a processor, or other designated entity that has received the tax or gratuity amount data and violates Section 150-10 is subject to a civil penalty of $1,000 p…
(This Section may contain text from a Public Act with a delayed effective date) Sec. 150-95. Severability. The provisions of this Act are severable under Section 1.31 of the Statute on Statutes.(Source: P.A. 103-592, eff. 7-1-27 (See Section 70 of P.A. 104-532 for the effective date of Article 150 of P.A. 103-592).) (8…
No acceleration or delay. Where this Act makes changes in a statute that is represented in this Act by text that is not yet or no longer in effect (for example, a Section represented by multiple versions), the use of that text does not accelerate or delay the taking effect of (i) the changes made by this Act or (ii) pr…
Severability. The provisions of this Act are severable under Section 1.31 of the Statute on Statutes.(Source: P.A. 103-592, eff. 6-7-24.)
Effective date. This Act takes effect upon becoming law, except that Article 65 takes effect July 1, 2024, Articles 25, 75, 80, 93, 125, 135, and 140 take effect January 1, 2025, and Article 150 takes effect July 1, 2027.(Source: P.A. 103-592, eff. 6-7-24; 104-4, eff. 6-16-25; 104-532, eff. 6-26-26.)