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| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB5886 Introduced , by Rep. Elizabeth Hernandez SYNOPSIS AS INTRODUCED:
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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.
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| | A BILL FOR |
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| | HB5886 | | LRB098 19107 ZMM 54258 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Transmitters of Money Act is amended by |
| 5 | | adding Section 110 as follows:
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| 6 | | (205 ILCS 657/110 new) |
| 7 | | Sec. 110. Virtual currency. Virtual currency does not have |
| 8 | | legal tender status. For the purposes of this Section, "virtual |
| 9 | | currency" means a medium of exchange that operates like |
| 10 | | currency in some environments, but does not have all the |
| 11 | | attributes of real currency.
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| 12 | | Section 99. Effective date. This Act takes effect upon |
| 13 | | becoming law.
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