Illinois General Assembly - Bill Status for HB2540
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 Bill Status of HB2540  101st General Assembly

Short Description:  BLOCKCHAIN BUS DEVELOPMENT ACT

House Sponsors
Rep. Sonya M. Harper - Curtis J. Tarver, II - Justin Slaughter - Mary E. Flowers - Andrew S. Chesney, Diane Pappas, Delia C. Ramirez, Anne Stava-Murray, Emanuel Chris Welch and André Thapedi

Senate Sponsors
(Sen. Thomas Cullerton - Dan McConchie, Emil Jones, III, Elgie R. Sims, Jr. and Toi W. Hutchinson)

Last Action
DateChamber Action
  8/9/2019HousePublic Act . . . . . . . . . 101-0259

Statutes Amended In Order of Appearance
New Act


Synopsis As Introduced
Creates the Blockchain Business Development Act. Provides for the creation and regulation of personal information protection companies. Provides for the creation and regulation of blockchain-based limited liability companies as businesses that utilize blockchain technology for a material portion of their business activities. Provides for a public record blockchain study and report. Provides for a blockchain insurance and banking study and report. Requires the Department of Commerce and Economic Opportunity to incorporate into one or more of its economic development marketing and business support programs, events, and activities topics concerning blockchain technology and financial technology. Defines terms.

House Committee Amendment No. 1
Removes provisions concerning the creation and regulation of personal information protection companies. In provisions concerning a public record blockchain study and report, provides that the Secretary of State shall recommend legislation, including uniform laws, necessary to support the possible use of blockchain technology for public records (currently, support the possible use of blockchain technology for the recording of land records and for other public records). Provides for the blockchain banking study (currently, blockchain insurance and banking study). Makes conforming changes.

House Floor Amendment No. 2
Modifies the definition of "blockchain" to mean 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 (as introduced, "blockchain" is defined as a cryptographically secured, chronological, and decentralized consensus ledger or consensus database maintained via Internet, peer-to-peer network, or other interaction).

Senate Committee Amendment No. 1
Replaces everything after the enacting clause. 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.

Actions 
DateChamber Action
  2/13/2019HouseFiled with the Clerk by Rep. Sonya M. Harper
  2/13/2019HouseFirst Reading
  2/13/2019HouseReferred to Rules Committee
  2/26/2019HouseAssigned to Judiciary - Civil Committee
  2/27/2019HouseTo Commercial Law Subcommittee
  3/20/2019HouseRecommends Do Pass Subcommittee/ Judiciary - Civil Committee; 004-002-000
  3/20/2019HouseReported Back To Judiciary - Civil Committee;
  3/25/2019HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Sonya M. Harper
  3/25/2019HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/26/2019HouseHouse Committee Amendment No. 1 Rules Refers to Judiciary - Civil Committee
  3/27/2019HouseHouse Committee Amendment No. 1 Adopted in Judiciary - Civil Committee; by Voice Vote
  3/27/2019HouseDo Pass as Amended / Short Debate Judiciary - Civil Committee; 008-001-000
  3/29/2019HousePlaced on Calendar 2nd Reading - Short Debate
  4/1/2019HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Sonya M. Harper
  4/1/2019HouseHouse Floor Amendment No. 2 Referred to Rules Committee
  4/2/2019HouseHouse Floor Amendment No. 2 Rules Refers to Judiciary - Civil Committee
  4/9/2019HouseHouse Floor Amendment No. 2 Recommends Be Adopted Judiciary - Civil Committee; 010-000-000
  4/10/2019HouseSecond Reading - Short Debate
  4/10/2019HouseHouse Floor Amendment No. 2 Adopted
  4/10/2019HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/11/2019HouseThird Reading - Short Debate - Passed 113-000-000
  4/11/2019HouseAdded Chief Co-Sponsor Rep. Curtis J. Tarver, II
  4/11/2019HouseAdded Chief Co-Sponsor Rep. Justin Slaughter
  4/11/2019HouseAdded Chief Co-Sponsor Rep. Mary E. Flowers
  4/11/2019HouseAdded Chief Co-Sponsor Rep. Andrew S. Chesney
  4/11/2019HouseAdded Co-Sponsor Rep. Diane Pappas
  4/11/2019HouseAdded Co-Sponsor Rep. Delia C. Ramirez
  4/11/2019HouseAdded Co-Sponsor Rep. Anne Stava-Murray
  4/11/2019HouseAdded Co-Sponsor Rep. Emanuel Chris Welch
  4/11/2019HouseAdded Co-Sponsor Rep. André Thapedi
  4/11/2019SenateArrive in Senate
  4/11/2019SenatePlaced on Calendar Order of First Reading
  4/11/2019SenateChief Senate Sponsor Sen. Thomas Cullerton
  4/11/2019SenateFirst Reading
  4/11/2019SenateReferred to Assignments
  4/24/2019SenateAssigned to Commerce and Economic Development
  5/3/2019SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Thomas Cullerton
  5/3/2019SenateSenate Committee Amendment No. 1 Referred to Assignments
  5/7/2019SenateSenate Committee Amendment No. 1 Assignments Refers to Commerce and Economic Development
  5/10/2019SenateRule 2-10 Committee Deadline Established As May 17, 2019
  5/14/2019SenateAdded as Alternate Co-Sponsor Sen. Emil Jones, III
  5/16/2019SenateSenate Committee Amendment No. 1 Adopted
  5/16/2019SenateDo Pass as Amended Commerce and Economic Development; 008-000-000
  5/16/2019SenatePlaced on Calendar Order of 2nd Reading May 17, 2019
  5/16/2019SenateAdded as Alternate Co-Sponsor Sen. Elgie R. Sims, Jr.
  5/17/2019SenateSecond Reading
  5/17/2019SenatePlaced on Calendar Order of 3rd Reading May 20, 2019
  5/24/2019SenateRule 2-10 Third Reading Deadline Established As May 31, 2019
  5/28/2019SenateAdded as Alternate Chief Co-Sponsor Sen. Dan McConchie
  5/30/2019SenateThird Reading - Passed; 059-000-000
  5/30/2019HouseArrived in House
  5/30/2019HousePlaced on Calendar Order of Concurrence Senate Amendment(s) 1
  5/30/2019HouseSenate Committee Amendment No. 1 Motion Filed Concur Rep. Sonya M. Harper
  5/30/2019HouseSenate Committee Amendment No. 1 Motion to Concur Referred to Rules Committee
  5/31/2019HouseSenate Committee Amendment No. 1 Motion to Concur Recommends Be Adopted Rules Committee; 003-000-000
  5/31/2019SenateAdded as Alternate Co-Sponsor Sen. Toi W. Hutchinson
  6/1/2019HouseSenate Committee Amendment No. 1 House Concurs 115-000-000
  6/1/2019HouseHouse Concurs
  6/1/2019HousePassed Both Houses
  6/28/2019HouseSent to the Governor
  8/9/2019HouseGovernor Approved
  8/9/2019HouseEffective Date June 1, 2020
  8/9/2019HousePublic Act . . . . . . . . . 101-0259

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