Bill > HB4081

This bill amends the Digital Assets and Consumer Protection Act to modify provisions regarding change in control over a digital asset registrant, but only if House Bill 742 of the 104th General Assembly becomes law in its current form. The bill establishes detailed rules for determining control of a registrant, including creating rebuttable presumptions of control based on ownership and voting power percentages, such as owning 10% or more of voting securities or having 25% of total voting power. It requires a proposed new controlling entity to submit an application to the Department, including detailed information about its financial standing, competence, and business plans. The Department must review the application and can approve, conditionally approve, or deny the change in control based on criteria like the good character of executives, the proposed entity's competence in digital asset business, and the potential impact on the registrant's safety and soundness. The bill also introduces a new process for rebutting control presumptions, giving applicants an opportunity to submit written explanations and providing the Department with specific timelines for review. If the Department does not respond within 10 business days, the presumption is automatically deemed rebutted. The bill includes provisions for what happens if the change in control is not approved, potentially requiring the registrant to abandon the proposed change or cease digital asset business activities.

https://www.ilga.gov/Legislation/BillStatus?DocNum=4081&GAID=18&DocTypeID=HB&SessionID=114&GA=104