The Illinois Retail Merchants Association (IRMA) is celebrating a major legal victory after a judge upheld the Interchange Fee Prohibition Act. The law, which is the first of its kind in the nation, prohibits banks and credit card companies from charging swipe fees on the tax and tip portion of transactions when consumers pay with a credit or debit card. The law takes effect July 1st.
Founded in 1957, IRMA is one of the largest state retail organizations in the U.S., representing more than 23,000 stores of all sizes across Illinois. The association advocates for a fair business environment for retailers and serves as a vital voice for merchants in state government.
For more information about IRMA, visit irma.org.