Illinois payments and fintech laws

What it would do: Requires county recorders and registrars of title to accept credit card payments for real estate transfer taxes, with all service charges or fees associated with processing the credit card payment paid by the taxpayer.

What it would do: Creates the Illinois Bank Account Program offering zero-fee, zero-penalty transaction accounts to unbanked and underbanked residents. Establishes the Illinois Bank Account Board to administer the program and requires employers with over 25 employees and landlords to facilitate participation.

What it would do: Amends the Digital Assets and Consumer Protection Act by exempting persons with annual digital asset business activity valued at $5,000,000 or less, requiring the Department to approve or deny license applications within 120 days, replacing renewal applications with annual reporting requirements, and extending transition periods to January 1, 2028.

What it would do: Requires the Department of Human Services to transition to and issue SNAP electronic benefits transfer cards embedded with smart chip or Near Field Communication technology enabling contactless payments to reduce fraud risk from card skimming or cloning.

What it would do: Amends the Unified Code of Corrections to prohibit the Department of Corrections and Department of Juvenile Justice from entering into or renewing contracts with electronic funds transfer vendors that charge more than 2% of transferred funds or $15 per transaction, whichever is less.

What it would do: Requires state agencies, units of local government, and retail businesses to accept cash for transactions of $500 or less, provide at least one cash payment point-of-sale station, and prohibits charging higher prices for cash payments. Excludes mail, telephone, and Internet transactions, and airport retailers.

What it would do: If House Bill 742 of the 104th General Assembly becomes law in its passed form, this amends the Digital Assets and Consumer Protection Act to establish control determination rules and require Department approval before a change in control of a digital asset registrant occurs.

What it would do: Amends the Consumer Fraud and Deceptive Business Practices Act to require that any gift certificate issued on or after the effective date of this amendatory Act shall be redeemable in cash for its cash value.

What it would do: Creates the Consumer Financial Protection Law establishing a comprehensive regulatory framework for financial products and services in Illinois, including registration requirements, consumer protections, cybersecurity standards, anti-fraud measures, and enforcement powers for the Department of Financial and Professional Regulation, effective January 1, 2026.

What it would do: Amends the Consumer Fraud and Deceptive Business Practices Act to prohibit imposing credit card or charge card surcharges on transactions unless the person also accepts cash for all transactions under $1,000. Permits offering discounts for cash, check, or debit card payments.

What it would do: Requires merchants to display warnings and use secure packaging when selling open-loop gift cards in-person, and requires third-party gift card resellers to record and maintain transaction information for 3 years. Establishes Attorney General enforcement with civil penalties up to $5,000 per violation.