Bill > SB1798

This bill repeals the Interchange Fee Prohibition Act, which means the existing law regarding interchange fees will no longer be in effect. Interchange fees are typically charges paid by merchants to banks when customers use credit or debit cards for transactions. By repealing this act, the previous restrictions or regulations surrounding these fees will be removed, potentially allowing financial institutions and merchants more flexibility in how they handle such charges. The bill is straightforward in its intent, simply eliminating the entire existing law with immediate effect, and does not propose any replacement legislation or alternative framework for managing interchange fees.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1798&GAID=18&DocTypeID=SB&SessionID=114&GA=104