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ID S1314
Bill
Status
4/2/2024
Primary Sponsor
State Affairs Committee
Click for details
AI Summary
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Adds physical gold and silver as an authorized investment for Idaho state treasurer's idle moneys under Idaho Code Section 67-1210.
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Requires physical gold and silver to be stored in a depository for precious metals meeting industry standards for secure storage within Idaho's geographical boundaries, or in a contiguous state if no qualifying in-state depository exists.
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Allows gold and silver to be stored by Idaho-chartered banks or credit unions when located within Idaho and stored in a class 1 vault as an alternative storage option.
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Caps investment in physical gold and silver at 7.5% of total idle moneys invested.
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Requires gold and silver held in depositories to be insured, independently audited, and physically segregated from other assets.
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Effective date is July 1, 2024, with an emergency declaration included.
Legislative Description
Amends existing law to provide that idle moneys may be invested in physical gold and silver in certain instances, to provide for storage of physical gold and silver, and to provide for a maximum allowed investment.
STATE TREASURER
Last Action
Recommitted to State Affairs
4/8/2024