Bill Text: IL HB2540 | 2019-2020 | 101st General Assembly | Chaptered
Bill Title: Reinserts the provisions of the engrossed bill, and makes the following changes: (1) removes a Section concerning blockchain-based limited liability companies; (2) removes a Section concerning a public record blockchain study and report; and (3) removes specified defined terms. Makes conforming changes.
Spectrum: Moderate Partisan Bill (Democrat 13-2)
Status: (Passed) 2019-08-09 - Public Act . . . . . . . . . 101-0259 [HB2540 Detail]
Download: Illinois-2019-HB2540-Chaptered.html
| ||||
Public Act 101-0259 | ||||
| ||||
| ||||
AN ACT concerning business.
| ||||
Be it enacted by the People of the State of Illinois,
| ||||
represented in the General Assembly:
| ||||
Section 1. Short title. This Act may be cited as the | ||||
Blockchain Business Development Act.
| ||||
Section 5. Definitions. As used in this Act:
| ||||
"Blockchain" means an electronic record created by the use
| ||||
of a decentralized method by multiple parties to verify and
| ||||
store a digital record of transactions which is secured by the
| ||||
use of a cryptographic hash of previous transaction
| ||||
information. | ||||
"Blockchain technology" means computer software or | ||||
hardware or collections of computer software or hardware, or | ||||
both, that utilize or enable a blockchain.
| ||||
Section 10. Blockchain banking study.
| ||||
(a) The Department of Financial and Professional | ||||
Regulation shall review the potential application of | ||||
blockchain technology to the provision of banking, and consider | ||||
areas for potential adoption and any necessary regulatory | ||||
changes in Illinois.
| ||||
(b) On or before January 1, 2021, the Department shall | ||||
submit a report of its findings and recommendations to the |
Governor and General Assembly.
| ||
(c) This Section is repealed January 1, 2022.
| ||
Section 15. Blockchain and financial technology promotion. | ||
The Department of Commerce and Economic Opportunity shall | ||
incorporate into one or more of its economic development | ||
marketing and business support programs, events, and | ||
activities the following topics:
| ||
(1) opportunities to promote blockchain technology and | ||
financial technology-related economic development in the | ||
private sector, including in the areas of banking, | ||
insurance, retail and service businesses, and | ||
cryptocurrency;
| ||
(2) legal and regulatory mechanisms that enable and | ||
promote the adoption of blockchain technology and | ||
financial technology in this State; and
| ||
(3) educational and workforce training opportunities | ||
in blockchain technology, financial technology, and | ||
related areas.
|