Bill Text: IL HB2540 | 2019-2020 | 101st General Assembly | Enrolled
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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-Enrolled.html
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-Enrolled.html
| |||||||
| |||||||
| |||||||
1 | AN ACT concerning business.
| ||||||
2 | Be it enacted by the People of the State of Illinois,
| ||||||
3 | represented in the General Assembly:
| ||||||
4 | Section 1. Short title. This Act may be cited as the | ||||||
5 | Blockchain Business Development Act.
| ||||||
6 | Section 5. Definitions. As used in this Act:
| ||||||
7 | "Blockchain" means an electronic record created by the use
| ||||||
8 | of a decentralized method by multiple parties to verify and
| ||||||
9 | store a digital record of transactions which is secured by the
| ||||||
10 | use of a cryptographic hash of previous transaction
| ||||||
11 | information. | ||||||
12 | "Blockchain technology" means computer software or | ||||||
13 | hardware or collections of computer software or hardware, or | ||||||
14 | both, that utilize or enable a blockchain.
| ||||||
15 | Section 10. Blockchain banking study.
| ||||||
16 | (a) The Department of Financial and Professional | ||||||
17 | Regulation shall review the potential application of | ||||||
18 | blockchain technology to the provision of banking, and consider | ||||||
19 | areas for potential adoption and any necessary regulatory | ||||||
20 | changes in Illinois.
| ||||||
21 | (b) On or before January 1, 2021, the Department shall | ||||||
22 | submit a report of its findings and recommendations to the |
| |||||||
| |||||||
1 | Governor and General Assembly.
| ||||||
2 | (c) This Section is repealed January 1, 2022.
| ||||||
3 | Section 15. Blockchain and financial technology promotion. | ||||||
4 | The Department of Commerce and Economic Opportunity shall | ||||||
5 | incorporate into one or more of its economic development | ||||||
6 | marketing and business support programs, events, and | ||||||
7 | activities 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.
|