SPRINGFIELD – The Illinois Retail Merchants Association (IRMA) released the following statement after a judge ruled that credit card networks must comply with the Interchange Fee Prohibition Act, which limits swipe fees from being charged on the tax and tip portion of transactions:
“We’re heartened by today’s ruling, as the judge clearly states credit card networks like Visa and Mastercard must comply with this law, which will provide tangible relief to Illinois families and retailers by limiting the fees that can be charged on the tax and tips portion of transactions,” said Rob Karr, president and CEO, Illinois Retail Merchants Association. “This is a win for consumers and Main Street businesses, and we thank Gov. JB Pritzker, Senate President Don Harmon, House Speaker Emanuel ‘Chris’ Welch and lawmakers for recognizing that out-of-control swipe fees are unfair and unjust.”
About the Illinois Retail Merchants Association (IRMA) One of the largest state retail organizations in the United States, IRMA serves as the voice of retailing and the business community in state government. Founded in 1957, IRMA represents more than 23,000 stores of all sizes and merchandise lines. From the nation’s largest retailers to independent businesses in every corner of the state, merchants count on IRMA to fight for the best possible environment in which to do business in Illinois. For more information, visit https://irma.org |