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KS SB115
Bill
Status
1/30/2025
Primary Sponsor
Federal and State Affairs
Click for details
AI Summary
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Authorizes the state treasurer to establish bullion depositories for secure storage of gold and silver, or contract with third-party administrators or out-of-state depositories
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Allows individuals, corporations, trusts, and government entities to open depository accounts for purchasing, selling, depositing, and withdrawing bullion, with electronic currency options representing physical metal holdings
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Requires depositories to maintain full-value insurance from "A"-rated insurers, undergo independent third-party audits at least twice yearly, and implement state-of-the-art security measures
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Adds specie legal tender (gold and silver coin or bullion) as an authorized investment for state funds, capped at 20% of the pooled money investment portfolio
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Declares null and void any federal or external government attempt to confiscate, seize, or control precious metals held in Kansas depository accounts during a "generalized declaration of illegality or emergency"
Legislative Description
Enacting the Kansas bullion depository act to authorize the state treasurer to establish, administer or contract for the administration of bullion depositories and allowing for state moneys to be deposited in such bullion depositories and invested in specie legal tender.
Last Action
Senate Hearing: Thursday, February 12, 2026, 9:30 AM Room 546-S
2/12/2026