TX HB483

Establishes the Texas Bullion Depository as a state agency within the office of the comptroller to serve as custodian of precious metals (gold, silver, platinum, palladium, rhodium) in bullion or specie form for the state, its political subdivisions, and private depositors.

Appoints a bullion depository administrator selected by the comptroller with advice and consent of the governor, lieutenant governor, and senate to oversee operations, with deposits recorded in troy ounces and deliveries required within 5 business days of demand.

Prohibits the depository from paying interest on accounts, engaging in leveraged or derivative precious metals transactions (with limited exceptions), extending credit, or performing banking functions, and declares any attempted confiscation or seizure of deposits by non-Texas governmental authorities void.

Creates a licensed "depository agent" system under the Finance Code requiring private intermediary firms to obtain a license with a minimum $500,000 security bond to conduct retail bullion and specie transactions on behalf of the depository, with agents required to hold all received assets in trust.

Directs all fee revenue from depository operations to the state general revenue fund, requires the comptroller to submit an annual report to the governor and legislature by September 30, and designates depository accounts as legal investments for individuals, political subdivisions, corporations, and financial institutions.