Bill Text: IL HB2540 | 2019-2020 | 101st General Assembly | Enrolled

Bill Title: Creates the Blockchain Business Development Act. Provides for the creation and regulation of personal information protection companies. Provides for the creation and regulation of blockchain-based limited liability companies as businesses that utilize blockchain technology for a material portion of their business activities. Provides for a public record blockchain study and report. Provides for a blockchain insurance and banking study and report. Requires the Department of Commerce and Economic Opportunity to incorporate into one or more of its economic development marketing and business support programs, events, and activities topics concerning blockchain technology and financial technology. Defines terms.

Spectrum: Moderate Partisan Bill (Democrat 13-2)

Status: (Enrolled) 2019-06-28 - Sent to the Governor [HB2540 Detail]

Download: Illinois-2019-HB2540-Enrolled.html

HB2540 EnrolledLRB101 06907 RJF 51939 b
1 AN ACT concerning business.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 1. Short title. This Act may be cited as the
5Blockchain Business Development Act.
6 Section 5. Definitions. As used in this Act:
7 "Blockchain" means an electronic record created by the use
8of a decentralized method by multiple parties to verify and
9store a digital record of transactions which is secured by the
10use of a cryptographic hash of previous transaction
12 "Blockchain technology" means computer software or
13hardware or collections of computer software or hardware, or
14both, that utilize or enable a blockchain.
15 Section 10. Blockchain banking study.
16 (a) The Department of Financial and Professional
17Regulation shall review the potential application of
18blockchain technology to the provision of banking, and consider
19areas for potential adoption and any necessary regulatory
20changes in Illinois.
21 (b) On or before January 1, 2021, the Department shall
22submit a report of its findings and recommendations to the

HB2540 Enrolled- 2 -LRB101 06907 RJF 51939 b
1Governor and General Assembly.
2 (c) This Section is repealed January 1, 2022.
3 Section 15. Blockchain and financial technology promotion.
4The Department of Commerce and Economic Opportunity shall
5incorporate into one or more of its economic development
6marketing and business support programs, events, and
7activities the following topics:
8 (1) opportunities to promote blockchain technology and
9 financial technology-related economic development in the
10 private sector, including in the areas of banking,
11 insurance, retail and service businesses, and
12 cryptocurrency;
13 (2) legal and regulatory mechanisms that enable and
14 promote the adoption of blockchain technology and
15 financial technology in this State; and
16 (3) educational and workforce training opportunities
17 in blockchain technology, financial technology, and
18 related areas.