Senate Bill 1633 Summary

• Establishes the Arizona Bullion Depository as a state facility administered by the Department of Financial Regulation to store and manage gold and silver bullion and specie for the state, agencies, and private depositors.

• Creates a "transactional currency" system backed by physical precious metals held in a pooled depository account that account holders can redeem for U.S. dollars, specie, or bullion for a fee.

• Requires independent audits at least twice yearly to verify bullion amounts, values, and security measures, with audit summaries available to the public excluding sensitive security information.

• Prohibits depository administrators and employees from holding financial interests in bullion-related companies and requires disclosure of potential conflicts of interest.

• Allows the state treasurer to deposit state monies in bullion form as part of the state's financial reserves and authorizes the Director to establish fees for depository services, with net proceeds deposited in the state general fund after administrative costs.