Illinois Quick Hits: Feds put card swipe fees prohibition on hold

By Jim Talamonti | The Center Square
The Center Square

(The Center Square) – The U.S. Treasury Department’s Office of the Comptroller of the Currency has released notice of a pending order to preempt the Illinois Interchange Fee Prohibition Act.

The state law scheduled to take effect on July 1 would prohibit banks and credit card companies from charging swipe fees on the tax and tip portion of transactions when a consumer pays with a credit or debit card.

Illinois Retail Merchants Association President and CEO Rob Karr said the rushed announcement by the federal government prioritizes the bottom line of banks and credit card companies over meaningful relief for businesses and consumers.

LATIN AMERICAN STUDIES MANDATE CLEARS ILLINOIS HOUSE

The Illinois House has passed legislation requiring public elementary and high schools to provide curriculum that includes the study of the contributions by Latin Americans to the development of the United States.

House Bill 4372 directs the regional superintendent of schools to monitor school districts’ compliance. House Republicans opposed the measure, calling it another unfunded mandate that would lead to higher property taxes.

CHICAGO RAISES CAB FARES

The Chicago City Council has passed an ordinance to raise taxi fares. The base fare for the first 1/9th of a mile remains unchanged at $3.25, but rates for each additional ninth of a mile will rise from 25 cents to 31 cents.

The ordinance imposes new rush hour and overnight surcharges and raises cleanup and waiting fees. In addition, the minimum fine for operating an unlicensed taxi goes up from $100 to $1,000.