98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
Introduced , by Rep. Elizabeth Hernandez
SYNOPSIS AS INTRODUCED:
Amends the Transmitters of Money Act. Provides that virtual currency
does not have legal tender status. Defines "virtual currency" as a medium
of exchange that operates like currency in some environments, but does not
have all the attributes of real currency. Effective immediately.
A BILL FOR
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AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Transmitters of Money Act is amended by
adding Section 110 as follows:
(205 ILCS 657/110 new)
Virtual currency does not have
legal tender status. For the purposes of this Section, "virtual
currency" means a medium of exchange that operates like
currency in some environments, but does not have all the
attributes of real currency.
This Act takes effect upon