Bill Amendment: IL HB3479 | 2023-2024 | 103rd General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: FINANCIAL REGULATION-VARIOUS

Status: 2023-05-02 - Referred to Assignments [HB3479 Detail]

Download: Illinois-2023-HB3479-House_Amendment_002.html

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Rep. Mark L. Walker

Filed: 4/24/2023

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

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

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

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

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

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