Illinois General Assembly - Full Text of HB3479
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Full Text of HB3479  103rd General Assembly

HB3479ham002 103RD GENERAL ASSEMBLY

Rep. Mark L. Walker

Filed: 4/24/2023

 

 


 

 


 
10300HB3479ham002LRB103 29212 BMS 60901 a

1
AMENDMENT TO HOUSE BILL 3479

2    AMENDMENT NO. ______. Amend House Bill 3479 on page 13,
3lines 16 and 17, by replacing "Sections 1 through 25" with
4"Section 1 et seq."; and
 
5on page 15, line 3, by replacing "An insured depository" with
6"A"; and
 
7on page 15, line 5, by replacing "deposits" with "member share
8accounts"; and
 
9on page 15, line 6, by replacing "regulator" with "financial
10regulatory agency"; and
 
11on page 15, line 7, by replacing "as a" with "to engage in";
12and
 
13on page 15, line 7, after "business", by inserting

 

 

10300HB3479ham002- 2 -LRB103 29212 BMS 60901 a

1"activities"; and
 
2on page 15, line 8, by replacing "Asset" with "Assets"; and
 
3on page 87, line 6, by replacing "either" with "any"; and
 
4on page 87, immediately below line 15, by inserting the
5following:
6        "(3) A digital representation of value that is used as
7    part of prepaid cards."; and
 
8on page 87, lines 17 and 18, by deleting ", whether or not
9redeemable for fiat currency or another digital asset"; and
 
10on page 88, immediately below line 9, by inserting the
11following:
12        ""Exchange" does not include buying, selling, or
13    trading digital assets for a person's own account in a
14    principal capacity."; and
 
15on page 88, by replacing lines 20 through 25 with the
16following:
17    ""Fiat currency" means money that is authorized or adopted
18by the United States or a foreign government as part of its
19currency and that is customarily used and accepted as a medium
20of exchange in the country of issuance."; and
 

 

 

10300HB3479ham002- 3 -LRB103 29212 BMS 60901 a

1on page 89, immediately below line 14, by inserting the
2following:
3    ""Prepaid card" means an electronic payment device that,
4subject to any rules adopted by the Department:
5        (1) is usable at a single merchant or an affiliated
6    group of merchants that share the same name, mark, or
7    logo, or is usable at multiple, unaffiliated merchants or
8    service providers;
9        (2) is issued in and for a specified amount of fiat
10    currency;
11        (3) can be reloaded in and for only fiat currency, if
12    at all;
13        (4) is issued or reloaded on a prepaid basis for the
14    future purchase or delivery of goods or services;
15        (5) is honored upon presentation;
16        (6) can be redeemed in and for only fiat currency, if
17    at all;
18        (7) is governed by the Uniform Money Transmission
19    Modernization Act; and
20        (8) complies with any other condition designated by
21    rule by the Department as may be necessary and appropriate
22    for the protection of residents."; and
 
23on page 91, line 7, by deleting "from or"; and
 

 

 

10300HB3479ham002- 4 -LRB103 29212 BMS 60901 a

1on page 92, lines 9 and 10, by replacing "subsection (b) or
2(c)" with "subsections (b), (c), (d), or (e)"; and
 
3on page 92, by replacing lines 11 through 17 with the
4following:
5    "(b)(1) This Act does not apply to the exchange, transfer,
6or storage of a digital asset or to digital asset
7administration to the extent that:
8            (A) the Securities Exchange Act of 1934, 15 U.S.C.
9        78a et seq., or the Illinois Securities Law of 1953
10        govern the activity as a security transaction and the
11        activity is actually regulated for the purpose of
12        investor protection by the U.S. Securities and
13        Exchange Commission or the Illinois Secretary of
14        State; or
15            (B) the Commodity Exchange Act, 7 U.S.C. 1 et
16        seq., governs the activity as a contract of sale of a
17        commodity for future delivery or a swap and the
18        activity is actually regulated for the purpose of
19        investor protection by the U.S. Commodity Futures
20        Trading Commission.
21        (2) This subsection shall be construed in a manner
22    consistent with affording the greatest protection to
23    residents and the Department's authority under subsection
24    (a) of Section 101-15 to exercise nonexclusive oversight
25    and enforcement under any federal law applicable to

 

 

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1    digital asset business activity. This subsection shall not
2    be construed to exempt an activity solely because a
3    financial regulatory agency has anti-fraud and
4    anti-manipulation enforcement authority over the
5    activity."; and
 
6on page 93, immediately below line 7, by inserting the
7following:
8        "(6) A credit union with member share accounts insured
9    by an insurer approved by the credit union's primary
10    financial regulatory agency, however, an out-of-state
11    credit union may not conduct any activity in this State
12    that is not authorized for a credit union chartered under
13    the laws of this State.
14    Nothing in this Act grants persons described in this
15subsection (c) authority to engage in any activity not
16otherwise granted under existing law.
17    (d) The Department may by rule or order clarify whether an
18activity is governed by the Uniform Money Transmission
19Modernization Act or this Act, however, this subsection (d)
20shall not be applied in a manner inconsistent with the
21protection of residents.
22    (e) Notwithstanding any other provision of this Act, the
23Department, by rule or order, may conditionally or
24unconditionally exempt any person, digital asset, or
25transaction, or any class or classes of persons, digital

 

 

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1assets, or transactions, from any provision of this Act or of
2any rule thereunder, to the extent that the exemption is
3necessary or appropriate, in the public interest, and
4consistent with the protection of residents."; and
 
5on page 97, line 13, after "created", by inserting "as a
6special fund in the State treasury"; and
 
7on page 131, by replacing lines 5 through 7 with the following:
8            "(D) The account number, name, and physical
9        address of:
10                (i) the parties to the transaction that are
11            customers or account holders of the licensee; and
12                (ii) to the extent practicable, any other
13            parties to the transaction."; and
 
14on page 171, by replacing lines 2 through 7 with the following:
 
15    "Section 900-10. The State Finance Act is amended by
16adding Section 5.990 as follows:
 
17    (30 ILCS 105/5.990 new)
18    Sec. 5.990. The Digital Assets Regulation Fund.".