Loading chat...
IL HB2540
Bill
Status
Passed
8/9/2019
Primary Sponsor
Sonya Harper
Click for details
AI Summary
- Defines "blockchain" as an electronic record created by multiple parties using decentralized methods to verify and store digital transaction records secured by cryptographic hashing
- Requires the Department of Financial and Professional Regulation to review blockchain technology applications to banking and submit findings and recommendations to the Governor and General Assembly by January 1, 2021
- Directs the Department of Commerce and Economic Opportunity to incorporate blockchain and financial technology promotion into its economic development programs, marketing, and business support activities
- Covers promotion topics including blockchain and fintech economic development in banking, insurance, retail, and cryptocurrency sectors; legal and regulatory mechanisms for adoption; and educational and workforce training opportunities
- Repeals the banking study requirement on January 1, 2022
Legislative Description
BLOCKCHAIN BUS DEVELOPMENT ACT
Last Action
Public Act . . . . . . . . . 101-0259
8/9/2019
Committee Referrals
Commerce and Economic Development4/24/2019
Assignments4/11/2019
Judiciary - Civil3/20/2019
Commercial Law2/27/2019
Judiciary - Civil2/26/2019
Rules2/13/2019
Full Bill Text
No bill text available