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IL HB5553
Bill
Status
Failed
1/8/2019
Primary Sponsor
Michael Zalewski
Click for details
AI Summary
- Defines blockchain, smart contracts, electronic records, and related terms for legal purposes in Illinois
- Permits smart contracts, records, and signatures created using blockchain to have legal effect and be admitted as evidence in proceedings
- Allows blockchain-stored records to satisfy "writing" requirements and blockchain-verified signatures to satisfy signature requirements under Illinois law
- Prohibits use of blockchain for specific notices including utility service cancellations, mortgage/eviction notices, insurance cancellations, and product safety recalls
- Prevents local governments from imposing taxes, fees, licenses, or permits on blockchain and smart contract use, while restricting home rule units from regulating blockchain inconsistently with state law
Legislative Description
BLOCKCHAIN TECHNOLOGY ACT
Last Action
Session Sine Die
1/8/2019
Committee Referrals
Assignments5/31/2018
Telecommunications & Technology5/1/2018
Assignments4/23/2018
Cybersecurity, Data Analytics, & IT3/5/2018
Rules2/16/2018
Full Bill Text
No bill text available