§ 150-15

Illinois § 150-15

• Jurisdiction: Illinois
• Topic: BUSINESS AND EMPLOYMENT
• Ch. 815: BUSINESS TRANSACTIONS
• Act 815 ILCS 151/: Interchange Fee Prohibition Act.

Text

(This Section may contain text from a Public Act with a delayed effective date ) Sec. 150-15. Penalties. (a) An issuer, a payment card network, an acquirer bank, a processor, or other designated entity that has received the tax or gratuity amount data and violates Section 150-10 is subject to a civil penalty of $1,000 per electronic payment transaction, and the issuer must refund the merchant the interchange fee calculated on the tax or gratuity amount relative to the electronic payment transaction. (b) An entity, other than the merchant, involved in facilitating or processing an electronic payment transaction, including, but not limited to, an issuer, a payment card network, an acquirer bank, a processor, or other designated entity, may not distribute, exchange, transfer, disseminate, or use the electronic payment transaction data except to facilitate or process the electronic payment transaction or as required by law. A violation of this subsection constitutes a violation of the Consumer Fraud and Deceptive Business Practices Act. (Source: P.A. 103-592, eff. 7-1-26 (See Section 5 of P.A. 104-4 for the effective date of Article 150 of P.A. 103-592).)