LA HB797

Louisiana Department of the Treasury would establish a voluntary certification program for businesses offering gold- and silver-backed transactional accounts as an alternative to fiat currency accounts

Certified businesses must store allocated precious metals in depositories within Louisiana or bordering states, with customer holdings backed one-to-one and remaining the sole legal property of customers (not subject to lending or creditor claims)

Depositories must comply with London Bullion Market Association standards, and customers must be able to redeem physical gold or silver within five business days of notice

Department must grant or deny certification within 60 days of application, maintain a public registry of certified businesses, and may establish fees to cover administrative costs; certification is valid for two years

False certification claims are subject to civil fines and registry removal; the state assumes no guarantee of deposits or financial liability for certified businesses' actions