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Bill > HB1197
OK HB1197
OK HB1197Public finance; State Treasurer; transaction cards; fee structure; bullion; effective date.
summary
Introduced
02/03/2025
02/03/2025
In Committee
04/15/2025
04/15/2025
Crossed Over
03/25/2025
03/25/2025
Passed
Dead
Introduced Session
2025 Regular Session
Bill Summary
An Act relating to the State Treasurer; authorizing the Treasurer to create, operate, or contract for the operation of a depository and issue certain transaction cards; requiring the Treasurer to provide certain procedures and develop fee structure upon certain circumstance; stipulating certain deposits and transactions be considered the exchange of legal tender; authorizing account holders issued a transaction card to make transactions debited against the value of deposits; authorizing the promulgation of rules; providing for codification; and providing an effective date.
AI Summary
This bill authorizes the State Treasurer to create or contract for a bullion depository and issue transaction cards to United States citizens, allowing them to make purchases debited directly from their gold and silver deposits. The bill defines these deposits and transactions as legal tender, not as commodities, drawing constitutional authority from Article I, Section 10 of the U.S. Constitution. The State Treasurer will be required to establish procedures for sharing account information (with account holder consent) and develop a fee structure for the depository and transaction card services. Account holders can use their transaction cards to make purchases against the value of their gold and silver deposits, and the Treasurer is empowered to create rules implementing these provisions. The bill will take effect on November 1, 2025, and represents an innovative approach to treating precious metal deposits as a form of currency that can be used for everyday transactions, potentially providing an alternative to traditional banking and monetary systems.
Committee Categories
Budget and Finance, Business and Industry, Government Affairs, Labor and Employment
Sponsors (31)
David Bullard (R)*,
Cody Maynard (R)*,
Stacy Jo Adams (R),
Jerry Alvord (R),
Micheal Bergstrom (R),
Mary Boren (D),
George Burns (R),
Denise Crosswhite Hader (R),
Dusty Deevers (R),
Avery Frix (R),
Todd Gollihare (R),
Randy Grellner (R),
Brian Guthrie (R),
Rob Hall (R),
Warren Hamilton (R),
Neil Hays (R),
Derrick Hildebrant (R),
Shane Jett (R),
Julie McIntosh (R),
Casey Murdock (R),
Roland Pederson (R),
Dana Prieto (R),
Eric Roberts (R),
Kendal Sacchieri (R),
Clay Staires (R),
Lisa Standridge (R),
Jack Stewart (R),
Darrell Weaver (R),
Jonathan Wingard (R),
Tom Woods (R),
Gabe Woolley (R),
Last Action
Coauthored by Representative Staires (on 05/08/2025)
Official Document
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bill summary
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