Bill Status of HB5427  102nd General Assembly


Short Description:  DISCOVERY OF DIGITAL ASSETS

House Sponsors
Rep. Deanne M. Mazzochi

Last Action
DateChamber Action
  2/18/2022HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
205 ILCS 730/2 new
205 ILCS 730/25 new
205 ILCS 730/30 new


Synopsis As Introduced
Amends the Blockchain Technology Act. Sets forth provisions concerning the purpose and findings of the Blockchain Technology Act. Provides that a court shall permit discovery of electronic records if the existence or ownership of a digital asset secured by a blockchain is factually in dispute. Sets forth provisions concerning permissible discovery of facts and information concerning digital assets and discovery procedures for digital assets. Provides that a court may order that the party with ownership or control over an account generate a test transaction in an amount not to exceed $1 to prove ownership or control over the account. Provides that a party holding a digital asset where the nature and type of the digital asset is at issue in the case may shield the need for disclosure if it posts security with the court for a comparable value for the digital asset in question if the value of the digital asset can be assessed, or for a value that is reasonably correlated to the estimated value of any judgment. Provides that a party seeking to validate or challenge the nature, accuracy, or propriety of a vote taken in connection with a decentralized autonomous organization shall be allowed discovery sufficient to describe the nature and type of vote or votes being taken. Provides that the provisions are repealed 5 years after the effective date of the amendatory Act. Creates the Digital Asset Discovery Task Force to conduct a review of the court-ordered discovery of digital asset procedures. Sets forth provisions concerning the Task Force's members, administrative support, and compensation. Provides that the Task Force shall submit a report containing its findings and any recommendations to the Supreme Court and the General Assembly by January 1, 2023. Provides that the Task Force is dissolved on January 1, 2024. Effective immediately.

Actions 
DateChamber Action
  1/28/2022HouseFiled with the Clerk by Rep. Deanne M. Mazzochi
  1/31/2022HouseFirst Reading
  1/31/2022HouseReferred to Rules Committee
  2/9/2022HouseAssigned to Judiciary - Civil Committee
  2/18/2022HouseRule 19(a) / Re-referred to Rules Committee