Bill > SB33

This bill authorizes the Oklahoma State Treasurer to create or contract for a gold and silver bullion depository and issue transaction cards to citizens, allowing them to make purchases directly from their deposited precious metal holdings. Under the proposed legislation, deposits of gold and silver in the depository would be legally considered tender (currency) rather than a commodity, which means account holders can use a special transaction card to spend the value of their deposited metals. The State Treasurer would be required to establish procedures for sharing account information (with account holder consent) and develop a fee structure for using the depository service. The bill specifies that transactions involving gold and silver in the depository would be treated as currency exchanges, drawing authority from the U.S. Constitution, and grants the State Treasurer the power to create administrative rules to implement the program. The bullion depository system is set to become effective on November 1, 2025, potentially providing Oklahoma residents with an alternative method of holding and spending precious metals.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb33&Session=2600