Illinois House Bill 5427 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 28 2022 - 25% progression, died in committee
Action: 2022-02-18 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

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 Provides that the provisions are repealed 5 years after the effective date of the amendatory Act.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.

DISCOVERY OF DIGITAL ASSETS

Rep. Deanne Mazzochi [R]

Date	Chamber	Action
2022-02-18	House	Rule 19(a) / Re-referred to Rules Committee
2022-02-09	House	Assigned to Judiciary - Civil Committee
2022-01-31	House	Referred to Rules Committee
2022-01-31	House	First Reading
2022-01-28	House	Filed with the Clerk by Rep. Deanne M. Mazzochi

Chapter	Article	Section	Citation Type	Statute Text
205	730	2	New Code	See Bill Text
205	730	25	New Code	See Bill Text
205	730	30	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5427&GAID=16&DocTypeID=HB&SessionID=110&GA=102
Text	https://www.ilga.gov/legislation/102/HB/10200HB5427.htm