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SB1797 - 104th General Assembly
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| 1 | AMENDMENT TO SENATE BILL 1797 | ||||||
| 2 | AMENDMENT NO. ______. Amend Senate Bill 1797 on page 8, | ||||||
| 3 | immediately below line 19, by inserting the following: | ||||||
| 4 | "(d) Any reference to this Act shall include any rules | ||||||
| 5 | adopted in accordance with this Act."; and | ||||||
| 6 | on page 11, line 2, by replacing "money transmissions" with | ||||||
| 7 | "money transmission"; and | ||||||
| 8 | on page 26, line 25, by replacing "Section 120-50" with | ||||||
| 9 | "Section 20-50"; and | ||||||
| 10 | on page 38, line 22, by replacing "Section 120-5" with | ||||||
| 11 | "Section 20-5"; and | ||||||
| 12 | on page 40, line 1, by replacing "(N)" with "(O)"; and | ||||||
| 13 | on page 45, line 23, by replacing "Section 120-5" with | ||||||
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| 1 | "Section 20-25"; and | ||||||
| 2 | on page 55, by replacing lines 1 through 5 with the following: | ||||||
| 3 | "(1) There is a rebuttable presumption of control if a | ||||||
| 4 | person directly or indirectly owns, controls, holds with | ||||||
| 5 | the power to vote, or holds proxies representing 10% or | ||||||
| 6 | more of the then outstanding voting securities issued by | ||||||
| 7 | the registrant."; and | ||||||
| 8 | on page 58, line 10, by replacing "Section 120-30" with | ||||||
| 9 | "Section 20-30"; and | ||||||
| 10 | on page 66, line 7, by replacing "Section 120-5" with "Section | ||||||
| 11 | 20-5"; and | ||||||
| 12 | on page 69, line 5, by replacing "120-70" with "20-70"; and | ||||||
| 13 | on page 69, line 13, by replacing "120-70" with "20-70"; and | ||||||
| 14 | on page 81, by replacing lines 4 through 17 with the following: | ||||||
| 15 | "Section 35-15. Transition period. | ||||||
| 16 | (a) A covered person engaging in digital asset business | ||||||
| 17 | activity without a registration under this Act shall not be | ||||||
| 18 | considered in violation of Section 15-5 or 5-25 until July 1, | ||||||
| 19 | 2027. | ||||||
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| 1 | (b) A covered person engaging in digital asset business | ||||||
| 2 | activity shall not be considered in violation of Sections 5-5, | ||||||
| 3 | 5-10, and 5-20 until January 1, 2027. | ||||||
| 4 | (c) A covered exchange shall not be considered in | ||||||
| 5 | violation of Section 5-15 until January 1, 2027. | ||||||
| 6 | (d) Notwithstanding the foregoing, the Department may | ||||||
| 7 | adopt rules pursuant to this Act upon this Act becoming law | ||||||
| 8 | with such rules not to take effect earlier than January 1, | ||||||
| 9 | 2026.". | ||||||