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FL H0697
Bill
Status
Failed
3/8/2024
Primary Sponsor
Doug Bankson
Click for details
AI Summary
- Gold and silver specie and electronic currencies backed by gold and silver are recognized as legal tender in Florida, and the purchase, sale, or exchange of bullion or legal tender forms does not give rise to any state tax liability
- The Department of Financial Services is authorized to establish and administer state bullion depositories for secure storage of gold and silver, open to individuals, businesses, trusts, and governmental entities, with the State Treasury permitted to hold a portion of its reserves in bullion
- The Chief Financial Officer is required to establish electronic currencies backed by physical gold and silver held as bailment, where each unit represents a fraction of a troy ounce of specie, redeemable for the underlying precious metal at market-based exchange rates published online
- Depositories must maintain full-value insurance coverage from "A"-rated insurers, undergo independent third-party audits at least twice annually, and comply with state-of-the-art security measures, with records retained for at least 7 years and 1 day
- Any confiscation, requisition, or seizure of depository or electronic currency accounts by a governmental authority other than the State of Florida is declared void ab initio, and depositories are prohibited from recognizing such entities as lawful successors of account holders
Legislative Description
State Legal Tender and Bullion Depository
Last Action
Died in State Affairs Committee
3/8/2024
Committee Referrals
State Affairs12/19/2023
Full Bill Text
No bill text available