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IBA Urges Governor to Veto Interchange Fee Prohibition Act. The IBA has delivered a letter to Governor Pritzker on behalf of our members, requesting that he issue a line-item veto of the Interchange Fee Prohibition Act contained in the revenue bill (HB 4951). The law will make Illinois a global outlier in the treatment of payments by prohibiting card issuers, payment networks, and acquirer banks from charging interchange fees on the sales tax and gratuity portions of electronic transactions. The letter outlines the operational hurdles to implementing this legislation and the serious unintended consequences for Illinois consumers, small businesses, and local financial institutions. Read the IBA’s letter. Read the IBA’s coalition letter. If you have any questions, please contact Ben Jackson or Carolyn Settanni. To hear the IBA’s End of Session Report on June 6 at 2:00 p.m. Central Time, register here.