In the payments world, commentators note Illinois’ recent Interchange Fee Prohibition Act, which prohibits charging interchange fees on the tax or tip portions of processed transactions.
Key portions of the law take effect July 1.
By its terms, the Interchange Fee Prohibition Act also contains a general privacy rule restricting the use of payments transactional data:
(b) An entity, other than the merchant, involved in facilitating or processing an electronic payment transaction, including, but not limited to, an issuer