OK SB1296

Establishes the Oklahoma Bullion Depository as a division within the Office of the State Treasurer to serve as custodian and administrator of precious metals (gold, silver, platinum, palladium, rhodium) in bullion or specie form for the state, political subdivisions, and private depositors

Creates a bullion depository administrator position jointly appointed by the Governor and State Treasurer with Senate confirmation, who oversees depository operations and licensed depository agents

Requires deposits to be recorded in troy ounces and allows account holders to transfer balances via check, draft, or digital instruction, with delivery of metals required within 5 business days of demand

Prohibits the depository from paying interest on accounts, engaging in derivatives or leveraging transactions, extending credit, or operating fractional reserves where account balances exceed physical metals held

Declares any attempted federal confiscation, requisition, or seizure of depository holdings void ab initio, and requires depository agents to maintain minimum $500,000 security and 5 years of operational experience