FL
Florida House Bill H0999

Florida 2025 Regular Session

Florida House Bill H0999 Compare Versions

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1010 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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1414 A bill to be entitled 1
15-An act relating to legal tender; amending s. 212.05, 2
16-F.S.; revising the circumstances under which tax is 3
17-levied on the sale, use, consumption, and storage of 4
18-coin and currency; revising circumstances under which 5
19-tax is not levied on the sale, exchange, and trade of 6
20-coin and currency; creating s. 215.986, F.S.; defining 7
21-terms; specifying, beginning on a specified date, that 8
22-gold coin and silver coin are legal tender for a 9
23-specified purpose; prohibiting persons from being 10
24-required to offer or accept any recog nized legal 11
25-tender for a specified purpose; prohibiting persons 12
26-from incurring liability for refusing to offer or 13
27-accept such legal tender; providing an exception; 14
28-authorizing a governmental entity to accept gold coin 15
29-or silver coin for a specified purpose and only in a 16
30-specified manner; providing construction; providing 17
31-applicability; authorizing governmental entities to 18
32-enter into written contracts under certain 19
33-circumstances; requiring certain custodians of gold 20
34-coin or silver coin to meet certain requir ements; 21
35-specifying that a governmental entity that tenders or 22
36-accepts gold coin or silver coin under certain 23
37-circumstances need not comply with certain provisions; 24
38-creating s. 280.21, F.S.; requiring custodians of gold 25
15+An act relating to gold and silver specie as legal 2
16+tender; creating s. 215.986, F.S; defining terms; 3
17+specifying that specie legal tender is legal tender; 4
18+prohibiting specie or specie legal tender from being 5
19+characterized as personal property for taxation and 6
20+regulatory purposes under state law; specifying that 7
21+purchases and sales of specie do not give rise to 8
22+state tax liability; providing that exchanges or 9
23+conversions of one type or form of legal tender for 10
24+another type or form of legal tender do not give rise 11
25+to state tax liability; prohibiting persons from 12
26+compelling others to tender or accept specie as legal 13
27+tender; authorizing governmental entities to r ecognize 14
28+specie legal tender for certain payments; requiring 15
29+the Chief Financial Officer to adopt rules; providing 16
30+an effective date. 17
31+ 18
32+Be It Enacted by the Legislature of the State of Florida: 19
33+ 20
34+ Section 1. Section 215.986, Florida Statutes, is creat ed 21
35+to read: 22
36+ 215.986 Specie as legal tender; prohibitions; tax 23
37+liabilities; payment of debts. — 24
38+ (1) As used in this section, the term: 25
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4747 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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51-coin or silver coin which hold public deposits to 26
52-satisfy certain conditions; amending s. 560.103, F.S.; 27
53-revising definitions and defining terms; amending s. 28
54-560.141, F.S.; requiring the Office of Financial 29
55-Regulation to approve an application for a custodian 30
56-of gold coin or silver coin under certain 31
57-circumstances; authorizing the office to conduct an 32
58-examination of certain applicants before issuing a 33
59-specified license; amending s. 560.142, F.S.; 34
60-requiring the office to approve a renewal application 35
61-for a custodian of gold coin or silver coin under 36
62-certain circumstances; creating s. 560.145, F.S.; 37
63-prohibiting money services businesses from being 38
64-required to offer certain products or services; 39
65-specifying certain requirements if money services 40
66-businesses offer certain products or services; 41
67-authorizing the Financial Services Commission to adopt 42
68-rules; amending s. 560.204, F.S.; prohibiting persons 43
69-from engaging in or advertising that they engage in 44
70-the activity of a custodian of gold coin or silver 45
71-coin for compensation without a license; amending s. 46
72-560.205, F.S.; requiring applicants seeking to operate 47
73-as a payment instrument seller, money transmitter, or 48
74-custodian of gold coin or silver coin to provide 49
75-specified information to the office; creating s. 50
51+ (a) "Bullion" means refined gold or silver in any shape or 26
52+form, as adopted by rule by the Chief Financial Officer, w hich 27
53+is valued primarily based on the content of the gold or silver 28
54+and not on its form and function. 29
55+ (b) "Bullion depository" means an entity providing vault 30
56+facilities within this state for the storage of bullion which: 31
57+ 1. Is accredited by the London Bullion Market Association 32
58+(LBMA) for storage of gold or silver; 33
59+ 2. Complies with the prescribed LBMA best practice 34
60+guidelines for the storage of bullion; 35
61+ 3. Has a contractual relationship to provide vault 36
62+services to hold and receive deposits of spec ie legal tender for 37
63+an authorized precious metals -backed electronic payment system 38
64+vendor; 39
65+ 4. Maintains an office in this state, with a Florida 40
66+address listed in its articles of incorporation or bylaws, or a 41
67+Florida address redesignated in a relocation a pplication filed 42
68+with the office of the Chief Financial Officer; and 43
69+ 5. Receives deposits, allows access to deposits, permits 44
70+the withdraw or transfer of bullion and specie, and serves as 45
71+the custodian, guardian, and administrator for such purposes of 46
72+any bullion and specie transferred by any state or citizen 47
73+thereof consistent with the contract with the precious metals -48
74+backed electronic payment system vendor. 49
75+ (c) "Legal tender" means a recognized medium of exchange 50
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8484 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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88-560.214, F.S.; requiring a custodian of gold c oin or 51
89-silver coin to meet certain requirements; defining 52
90-terms; specifying that certain actions constitute a 53
91-violation of certain provisions; authorizing the 54
92-office to take certain disciplinary actions; 55
93-specifying that the obligations of a custodian of go ld 56
94-coin or silver coin to an owner of gold coin or silver 57
95-coin are fiduciary in nature for a specified purpose; 58
96-authorizing the commission to adopt rules; amending s. 59
97-655.50, F.S.; revising the definition of the term 60
98-"monetary instruments"; creating s. 655 .97, F.S.; 61
99-prohibiting financial institutions from being required 62
100-to engage in certain activities; requiring financial 63
101-institutions to take certain actions under certain 64
102-circumstances; authorizing the commission to adopt 65
103-rules; amending s. 672.511, F.S.; p roviding 66
104-construction; requiring, by a specified date, the 67
105-Department of Financial Services to submit a specified 68
106-report to the Governor and the Legislature; amending 69
107-s. 559.952, F.S.; conforming a cross -reference; 70
108-providing an effective date. 71
109- 72
110-Be It Enacted by the Legislature of the State of Florida: 73
111- 74
112- Section 1. Paragraph (j) of subsection (1) of section 75
88+that is authorized by the United Stat es Congress or by any state 51
89+pursuant to s. 8 or s. 10, Art. I of the United States 52
90+Constitution, respectively, for the payment of debts, public 53
91+charges, taxes, or dues. 54
92+ (d) "Precious metal" means gold or silver. 55
93+ (e) "Precious metals -backed electronic payment system" 56
94+means an electronic payment system that: 57
95+ 1. Uses physical gold or silver held in vault facilities 58
96+located within this state as backing for electronic 59
97+transactions; 60
98+ 2. Allows for the redemption o f physical gold or silver by 61
99+system participants; 62
100+ 3. Enables the account holder to make payments to a 63
101+participating vendor; and 64
102+ 4. Is a Florida state -chartered bank under license by the 65
103+state to provide bullion deposit accounts that: 66
104+ a. Allow account holders to buy, sell, save, or spend 67
105+physical gold or silver as a form of currency; and 68
106+ b. Are not insured by, or subject to the regulations of, 69
107+the Federal Deposit Insurance Corporation. 70
108+ (f) "Specie" means coin having bullion. 71
109+ (g) "Specie legal te nder" means: 72
110+ 1. Specie issued by the Federal Government at any time; or 73
111+ 2. Any other specie recognized by this state or any other 74
112+state pursuant to s. 10, Art. I of the United States 75
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121121 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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125-212.05, Florida Statutes, is amended to read: 76
126- 212.05 Sales, storage, use tax. —It is hereby declared to 77
127-be the legislative intent that every pers on is exercising a 78
128-taxable privilege who engages in the business of selling 79
129-tangible personal property at retail in this state, including 80
130-the business of making or facilitating remote sales; who rents 81
131-or furnishes any of the things or services taxable unde r this 82
132-chapter; or who stores for use or consumption in this state any 83
133-item or article of tangible personal property as defined herein 84
134-and who leases or rents such property within the state. 85
135- (1) For the exercise of such privilege, a tax is levied on 86
136-each taxable transaction or incident, which tax is due and 87
137-payable as follows: 88
138- (j)1. Notwithstanding any other provision of this chapter, 89
139-there is hereby levied a tax on the sale, use, consumption, or 90
140-storage for use in this state of any coin or currency, wh ether 91
141-in circulation or not, when such coin or currency: 92
142- a. Is not legal tender; or 93
143- b. If legal tender, is sold, exchanged, or traded at a 94
144-rate in excess of its face value .; or 95
145- c. Is sold, exchanged, or traded at a rate based on its 96
146-precious metal content. 97
147- 2. Such tax shall be at a rate of 6 percent of the price 98
148-at which the coin or currency is sold, exchanged, or traded, 99
149-except that, with respect to a coin or currency that which is 100
125+Constitution. 76
126+ (h) "System participant" means an individual or entit y 77
127+that: 78
128+ 1. Maintains an account with a precious metals -backed 79
129+electronic payment system vendor; 80
130+ 2. Conducts transactions using the precious metals -backed 81
131+electronic payment system; or 82
132+ 3. Holds redemption rights for precious metals within the 83
133+precious metals-backed electronic payment system. 84
134+ (i) "Transactional gold and silver" means a representation 85
135+of physical gold, silver, specie, or bullion which may be 86
136+transferred via electronic or written instruction through a 87
137+transaction by the owner of such currency and which is fully 88
138+redeemable as physical gold, silver, specie, or bullion. Such 89
139+representation must reflect the exact units of physical gold, 90
140+silver, specie, or bullion in its fractional troy ounce 91
141+measurement or grams. 92
142+ (2)(a) Specie legal tend er is legal tender. 93
143+ (b) Specie or specie legal tender may not be characterized 94
144+as personal property for taxation or regulatory purposes. 95
145+ (c) The purchase or sale of any type or form of specie 96
146+does not give rise to any state tax liability. 97
147+ (d) The exchange or conversion of one type or form of 98
148+legal tender for another type or form of legal tender does not 99
149+give rise to any state tax liability. 100
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158158 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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162-legal tender of the United States or any gold coin or silver 101
163-coin that is legal tender in this state pursuant to s. 215.986 102
164-and which is sold, exchanged, or traded , such tax may shall not 103
165-be levied. 104
166- 3. There are exempt from this tax exchanges of coins or 105
167-currency which are in general circulation in, and legal tender 106
168-of, one nation for coins or currency which are in general 107
169-circulation in, and legal tender of, another nation when 108
170-exchanged solely for use as legal tender and at an exchange rate 109
171-based on the relative value of each as a medium of exchange. 110
172- 4. With respect to any transaction that involves the sale 111
173-of coins or currency taxable under this paragraph in which the 112
174-taxable amount represented by the sale of such coins or currency 113
175-exceeds $500, the entire amount represented by the sale of such 114
176-coins or currency is e xempt from the tax imposed under this 115
177-paragraph. The dealer must maintain proper documentation, as 116
178-prescribed by rule of the department, to identify that portion 117
179-of a transaction which involves the sale of coins or currency 118
180-and is exempt under this subpara graph. 119
181- Section 2. Section 215.986, Florida Statutes, is created 120
182-to read: 121
183- 215.986 Gold and silver coin as legal tender. — 122
184- (1) DEFINITIONS.—As used in this section, the term: 123
185- (a) "Debt" means an obligation for the payment of money 124
186-under contract, whether expressed or implied, which includes 125
162+ (e) Unless specifically provided by the State Constitution 101
163+or general law or by contract, a person may not com pel another 102
164+person to tender specie or to accept specie as legal tender. 103
165+ (f) Specie legal tender may be recognized to pay private 104
166+debts, taxes, and fees levied by the state or local government 105
167+or any subdivision thereof if the governmental entity consent s 106
168+to payment with gold or silver and possesses the regulatory 107
169+authority and technical ability to accept gold or silver 108
170+payments. 109
171+ (g) Information, including, but not limited to, the 110
172+identity of an account holder, an account balance, an account 111
173+transaction, or related data maintained by a vendor providing 112
174+precious metals-backed electronic payment system services, a 113
175+bullion depository, or any of their subcontractors or agents, 114
176+shall be released only with the account holder's consent, or in 115
177+any civil or criminal action, unless otherwise prohibited by 116
178+law, upon the issuance of a subpoena from a court of competent 117
179+jurisdiction with proper notice to the account holder or the 118
180+account holder's legal representative by the party seeking such 119
181+records, with an opportun ity for a hearing upon request before 120
182+the court. Any records obtained in violation of this paragraph 121
183+are inadmissible in any proceeding if a timely objection is 122
184+made. 123
185+ (3) The Office of Financial Regulation shall adopt rules 124
186+regarding: 125
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195195 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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199-judgments and recognizance. The term does not include taxes, 126
200-charges, or dues imposed by this state. 127
201- (b) "Electronic transfer" means any instruction, other 128
202-than a transaction by check, draft, or similar paper instrument, 129
203-which is initiated through debit card, mobile application, or 130
204-computer to order, instruct, or authorize a financial 131
205-institution as defined in s. 655.005(1)(i) or a money s ervices 132
206-business as defined in s. 560.103 to debit or credit an account 133
207-with gold coin or silver coin, or any fraction thereof, the 134
208-equivalent value in United States currency converted at current 135
209-market price. For debit card transactions, this instruction 136
210-shall authorize the debit at the point of sale. 137
211- (c) "Gold coin" means a precious metal with the chemical 138
212-element of atomic number 79 in solid form, typically in the 139
213-shape of rounds, bars, ingots, or bullion coins, which is valued 140
214-for its metal content an d is stamped or imprinted with its 141
215-weight and which consists of at least 99.5 percent purity. The 142
216-term "coin" does not mean any goods as defined in s. 672.105(1) 143
217-such as jewelry, other items of utility such as picture frames, 144
218-or keepsakes. 145
219- (d) "Governmental entity" means a state, regional, county, 146
220-municipal, special district, or other political subdivision, 147
221-whether executive, judicial, or legislative, including, but not 148
222-limited to, a department, a division, a board, a bureau, a 149
223-commission, an authority, a district, or an agency thereof, or a 150
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232-F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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236-public school, a Florida College System institution, a state 151
237-university, or an associated board. 152
238- (e) "Legal tender" means a medium of exchange that is 153
239-authorized by this state pursuant to s. 10, Art. I of the United 154
240-States Constitution for the payment of a debt. 155
241- (f) "Silver coin" means a precious metal with the chemical 156
242-element of atomic number 47 in solid form, typically in the 157
243-shape of rounds, bars, ingots, or bullion coins, which is valued 158
244-for its metal content a nd is stamped or imprinted with its 159
245-weight and which consists of at least 99.9 percent purity. The 160
246-term "coin" does not mean any goods as defined in s. 672.105(1) 161
247-such as jewelry, other items of utility such as picture frames, 162
248-or keepsakes. 163
249- (2) LEGAL TENDER.—Effective January 1, 2026, gold coin and 164
250-silver coin are legal tender for the payment of a debt in this 165
251-state. 166
252- (a) This section may not be construed to restrict the 167
253-electronic transfer of gold coin or silver coin as legal tender 168
254-for the payment of a debt. 169
255- (b) A person may not be required to offer or accept any 170
256-recognized legal tender, as described in this subsection, for 171
257-the payment of a debt, deposit, or any other purpose. A person 172
258-may not incur any liability for refusing to offer or accept such 173
259-legal tender, except as specifically provided for by contract. 174
260- (c) A governmental entity may accept gold coin or silver 175
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269-F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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273-coin for the payment of debts, taxes, or fees levied by this 176
274-state or local government or any subdivision thereof. However, a 177
275-governmental entity may tender or accept gold coin or silver 178
276-coin as payment for debts, taxes, or fees only by electronic 179
277-transfer and may not tender or accept gold coin or silver coin 180
278-in physical form. 181
279- (d) This section may not be construed as altering the 182
280-legal tender status of any United States coins or currency that 183
281-has been prescribed as legal tender under federal law. Such 184
282-coins or currency does not fall within the scope of this 185
283-section. 186
284- (3) GOVERNMENT IMPLEMENTATION. —Each governmental entity 187
285-that intends to tender or to accept payment of gold coin or 188
286-silver coin may enter into a written contract that must be 189
287-procured through competitive bidding with a qualified public 190
288-depository as defined in s. 280.02. 191
289- (a) Unless otherwise provided in chapter 280, a cust odian 192
290-of gold coin or silver coin, as defined in s. 560.103, which 193
291-holds gold coin or silver coin as public deposits must meet the 194
292-requirements for qualified public depositories under chapter 195
293-280. 196
294- (b) A governmental entity that tenders or accepts gold 197
295-coin or silver coin as payment of a debt by one of the 198
296-exemptions listed in s. 280.03(3) need not comply with this 199
297-subsection for purposes of tendering or accepting such gold coin 200
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306-F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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310-or silver coin. 201
311- Section 3. Section 280.21, Florida Statutes, is created to 202
312-read: 203
313- 280.21 Custodians of gold coin or silver coin. —A custodian 204
314-of gold coin or silver coin, as defined in s. 560.103, which 205
315-holds public deposits must satisfy all of the following 206
316-conditions: 207
317- (1) Meet the definition of a qualified public depository -208
318-in s. 280.02, except that such custodian of gold coin or silver 209
319-coin is not required to be insured by the Federal Deposit 210
320-Insurance Corporation or the National Credit Union Share 211
321-Insurance Fund for purposes of holding gold coin or silver coin, 212
322-as those terms are defined in s. 215.986. 213
323- (2) Comply with all other applicable qualified public 214
324-depository requirements and be subject to this chapter. 215
325- Section 4. Present subsections (13) through (19), (20) 216
326-through (34), and (35) and (36) of section 560.103, Fl orida 217
327-Statutes, are redesignated as subsections (14) through (20), 218
328-(22) through (36), and (38) and (39), respectively, new 219
329-subsections (13), (21), and (37) are added to that section, and 220
330-present subsections (18), (23), and (24) of that section are 221
331-amended, to read: 222
332- 560.103 Definitions. —As used in this chapter, the term: 223
333- (13) "Custodian of gold coin or silver coin" means any 224
334-entity providing secure vault facilities for the safekeeping and 225
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347-storage of gold coin or silver coin, the ownership of which is 226
348-or may be electronically transferred, as defined in s. 227
349-215.986(1). The term includes any person who holds gold coin or 228
350-silver coin for more than 10 days. 229
351- (19)(18) "Foreign currency exchanger" means a person who 230
352-exchanges, for compensation, currency of the U nited States or a 231
353-foreign government, gold coin, or silver coin to currency of 232
354-another government. 233
355- (21) "Gold coin" has the same meaning as in s. 215.986. 234
356- (25)(23) "Money services business" means any person 235
357-located in or doing business in this state, from this state, or 236
358-into this state from locations outside this state or country who 237
359-acts as a payment instrument seller, foreign currency exchanger, 238
360-check casher, or money transmitter, or custodian of gold coin or 239
361-silver coin. 240
362- (26)(24) "Money transmitter" means a corporation, limited 241
363-liability company, limited liability partnership, or foreign 242
364-entity qualified to do business in this state which receives 243
365-currency, monetary value, a payment instrument, gold coin or 244
366-silver coin, or virtual currency for the purpose of acting as an 245
367-intermediary to transmit currency, monetary value, a payment 246
368-instrument, gold coin or silver coin, or virtual currency from 247
369-one person to another location or person by any means, including 248
370-transmission by wire, facsimile, electronic transfer, courier, 249
371-the Internet, or through bill payment services or other 250
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384-businesses that facilitate such transfer within this country, or 251
385-to or from this country. T he term includes only an intermediary 252
386-that has the ability to unilaterally execute or indefinitely 253
387-prevent a transaction. 254
388- (37) "Silver coin" has the same meaning as in s. 215.986. 255
389- Section 5. Subsection (3) is added to section 560.141, 256
390-Florida Statutes, to read: 257
391- 560.141 License application. — 258
392- (3) The office must approve an application for a custodian 259
393-of gold coin or silver coin if the applicant demonstrates 260
394-compliance with the applicable provisions of this chapter and 261
395-with the rules adopted by the commission requiring guidelines 262
396-for the storage, security, insurance, auditing, administration, 263
397-authorized access, transacting, and transfer of gold coin or 264
398-silver coin. The office may conduct an examination of the 265
399-applicant before issuing a license to det ermine the applicant's 266
400-ability to conduct business immediately upon opening for 267
401-business. 268
402- Section 6. Present subsection (5) of section 560.142, 269
403-Florida Statutes, is redesignated as subsection (6), and a new 270
404-subsection (5) is added to that section, to r ead: 271
405- 560.142 License renewal. — 272
406- (5) The office must approve a renewal application for a 273
407-custodian of gold coin or silver coin if the licensee 274
408-demonstrates compliance with the applicable provisions of this 275
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417-F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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421-chapter and with the rules adopted by the commis sion requiring 276
422-guidelines for the storage, security, insurance, auditing, 277
423-administration, authorized access, transacting, and transfer of 278
424-gold coin or silver coin. 279
425- Section 7. Section 560.145, Florida Statutes, is created 280
426-to read: 281
427- 560.145 Gold and sil ver coin as legal tender. — 282
428- (1) A money services business may not be required to offer 283
429-products or services, including, but not limited to, 284
430-transmitting, storing, exchanging, or accepting payment in gold 285
431-coin or silver coin. To the extent that a money ser vices 286
432-business offers such products or services, the money services 287
433-business must do all of the following: 288
434- (a) Insure the gold coin or silver coin, if not otherwise 289
435-insured by an independent custodian of gold coin or silver coin, 290
436-for 100 percent of the f ull replacement value of any deposit 291
437-under an all-risk insurance policy issued by a nongovernmental -292
438-operated insurer that is an authorized insurer or eligible 293
439-surplus lines insurer. 294
440- (b) Securely store and safeguard all physical gold coin or 295
441-silver coin with a custodian of gold coin or silver coin within 296
442-this state. 297
443- (c) Include any fee to convert gold coin or silver coin to 298
444-coin or currency of the United States or of another country in 299
445-the total maximum interchange transaction fee that an issuer may 300
446-
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454-F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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456-
457-
458-charge with respect to an electronic debit transaction as 301
459-provided under the Electronic Fund Transfer Act, 15 U.S.C. ss. 302
460-1693 et seq. 303
461- (d) Ensure that any gold coin or silver coin that is 304
462-purchased for use or circulation as legal tender is from an 305
463-accredited refiner or wholesaler, as prescribed by commission 306
464-rule, which certifies that the gold coin or silver coin being 307
465-purchased meets the requirements of gold coin and silver coin, 308
466-as those terms are defined in s. 215.986. 309
467- (e) Comply with the chain -of-custody requirements, as 310
468-prescribed by commission rule. 311
469- (f) Comply with all other applicable state and federal 312
470-regulations. 313
471- (2) The commission may adopt rules as necessary to 314
472-implement this section. 315
473- Section 8. Subsection (1) of section 560.204, Florida 316
474-Statutes, is amended to read: 317
475- 560.204 License required. — 318
476- (1) Unless exempted, a person may not engage in, or in any 319
477-manner advertise that they engage in, the activity of a payment 320
478-instrument seller, or money transmitter, or custodian of gold 321
479-coin or silver coin for compensation, without first obtaining a 322
480-license under this part. For purposes of this subsection, the 323
481-term "compensation" includes profit or loss on the exchange of 324
482-currency, monetary value, or virtual currency. 325
483-
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491-F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
492-
493-
494-
495- Section 9. Section 560.205, Florida Statutes, is amended 326
496-to read: 327
497- 560.205 Additional license application requirements. —In 328
498-addition to the license application requirements under part I of 329
499-this chapter, an applicant seeking a license under this part 330
500-must also submit any information required by this section to the 331
501-office.: 332
502- (1) Any applicant seeking to operate as a payment 333
503-instrument seller or money transmitter must provide all of the 334
504-following information to the office: 335
505- (a) A sample authorized vendor contract, if applicable. 336
506- (b)(2) A sample form of payment instrument, if applicable. 337
507- (c)(3) Documents demonstrating that the net worth and 338
508-bonding requirements specified in s. 560.209 have been 339
509-fulfilled. 340
510- (d)(4) A copy of the applicant's financial audit report 341
511-for the most recent f iscal year. If the applicant is a wholly 342
512-owned subsidiary of another corporation, the financial audit 343
513-report on the parent corporation's financial statements 344
514-satisfies shall satisfy this requirement. 345
515- (2) Any applicant seeking to operate as a custodian of 346
516-gold coin or silver coin must provide all of the following 347
517-information to the office: 348
518- (a) All of the requirements specified in subsection (1). 349
519- (b) Evidence of all of the following: 350
520-
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528-F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
529-
530-
531-
532- 1. Insurance against loss for all gold coin and silver 351
533-coin held in its custody. 352
534- 2. Custody of the same quantity and type of asset for all 353
535-current gold coin or silver coin held in its custody. 354
536- 3. Depository accreditation from an entity approved by the 355
537-office. 356
538- (c) A statement of a business plan providing for the safe 357
539-and sound operation of custodial services pertaining to the 358
540-storage, security, insurance, auditing, administration, 359
541-authorized access, transacting, and transfer of gold coin or 360
542-silver coin to the satisfaction of the office or in accordance 361
543-with rules adopted by the commission. 362
544- Section 10. Section 560.214, Florida Statutes, is created 363
545-to read: 364
546- 560.214 Custodians of gold coin or silver coin. — 365
547- (1) A custodian of gold coin or silver coin must meet all 366
548-of the following requirements: 367
549- (a) Be located in a manner that allows quick and efficient 368
550-movement of the gold coin or silver coin or that enables rapid 369
551-response time from law enforcement if necessary. 370
552- (b) Meet security requirements in accordance with industry 371
553-standards, including, but not limited to: 372
554- 1. Use of a high-security vault rated by Underwriters' 373
555-Laboratories, Inc. 374
556- 2. Physical security and video surveillance 24 hours a 375
557-
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565-F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
566-
567-
568-
569-day, 7 days a week. 376
570- 3. Biometric or multi -factor access controls. 377
571- 4. Facility design that is disaster resistant, includi ng 378
572-resistant to fire, flood, or earthquakes. 379
573- 5. Regular reviews and updates of security procedures. 380
574- (c) Keep customers' assets segregated from the custodian's 381
575-own assets and from asset classes that are not gold coin or 382
576-silver coin. 383
577- (d) Store gold coin or silver coin on a fully allocated 384
578-basis with an undivided interest for each owner. As used in this 385
579-paragraph, the term: 386
580- 1. "Fully allocated" means that each owner has a direct 387
581-and specific legal claim to the exact gold coin or silver coin, 388
582-or portion thereof, equal to the owner's deposit that is held by 389
583-the custodian of gold coin or silver coin. 390
584- 2. "Undivided interest" means all owners share the 391
585-physical gold coin or silver coin collectively, with each owner 392
586-entitled to a proportional share of the t otal holdings equal to 393
587-his or her ownership, even though the gold coin or silver coin 394
588-may be stored as a larger unit. 395
589- (e) Comply with the chain -of-custody requirements, as 396
590-prescribed by commission rule. 397
591- (f) Maintain records detailing the inventory syst em, 398
592-including, but not limited to, the serial number and bar number 399
593-tracking and ledger accounts. 400
594-
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602-F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
603-
604-
605-
606- (g) Have its custodial holdings examined or audited at 401
607-least annually by an independent certified public accountant or 402
608-other auditor acceptable to the offic e. The auditor must verify 403
609-that the custodian's own assets are sufficient to cover all 404
610-customer holdings and are held as represented. The results of 405
611-such audit or examination must be reported to the office. 406
612- (h) Maintain insurance covering 100 percent of the full 407
613-replacement value of the stored gold coin or silver coin under 408
614-an all-risk insurance policy for loss, theft, damage, and 409
615-employee dishonesty by an authorized insurer or eligible surplus 410
616-lines insurer. 411
617- (i) Permit visits or inspections by the offi ce with 412
618-advance notice. 413
619- (j) Maintain secure technology, including all of the 414
620-following cybersecurity measures: 415
621- 1. Secure online portal for account access. 416
622- 2. Data encrypted in transit and at rest. 417
623- 3. Two-factor authentication for login. 418
624- 4. Regular cybersecurity audits or vulnerability 419
625-assessments. 420
626- (k) Maintain custody of the same quantity and type of gold 421
627-coin or silver coin as that entrusted to the custodian of gold 422
628-coin or silver coin by each customer. 423
629- (l) Refrain from selling, lending, pled ging, 424
630-rehypothecating, or encumbering any customer's gold coin or 425
631-
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639-F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
640-
641-
642-
643-silver coin except to the extent directed by the customer for a 426
644-transfer or transaction. 427
645- (m) Comply with anti -money laundering regulations pursuant 428
646-to this chapter, and any applicable stat e or federal 429
647-regulations. 430
648- (2) For a custodian of gold coin or silver coin that has a 431
649-direct contractual relationship with the owner of the gold coin 432
650-or silver coin, the custodian of gold coin or silver coin must 433
651-also comply with all of the following requirements: 434
652- (a) Furnish to each owner, at the inception of the 435
653-relationship and on at least an annual basis, a clear, written 436
654-disclosure of the terms and conditions of the custodial 437
655-arrangement and the associated risks. Such disclosure must also 438
656-state that gold or silver assets are not insured by the Federal 439
657-Deposit Insurance Corporation, the National Credit Union Share 440
658-Insurance Fund, or the Securities Investor Protection 441
659-Corporation and that the owner's assets are held by a licensed 442
660-custodian of gold coin or silver coin under general law. 443
661- (b) Provide transparent contracts, products, services, and 444
662-fees, including storage and transaction fees. 445
663- (c) Provide quarterly account statements to an owner which 446
664-itemize the assets in custody for that owner, and promptly 447
665-deliver updated statements to the owner. 448
666- (d) Return the owner's gold coin or silver coin to the 449
667-owner upon the owner's request and meet all of the following 450
668-
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676-F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
677-
678-
679-
680-conditions: 451
681- 1. The custodian of gold coin or silver coin must deliver 452
682-possession of the physical gold coin or silver coin no later 453
683-than 30 days after the date of the owner's request. 454
684- 2. The custodian of gold coin or silver coin must return 455
685-the physical gold coin or silver coin at the minimum weight of 456
686-any whole troy ounce of gold coin or silver coin that is held by 457
687-the custodian of gold coin or silver coin as may be requested by 458
688-the owner. 459
689- 3. Any holdings of gold coin or silver coin less than one 460
690-troy ounce may be converted, at the discretion of the custodian 461
691-of gold coin or silver coin , to United States currency at the 462
692-market rate at the time the request is received by the custodian 463
693-of gold coin or silver coin. 464
694- 4. The owner may direct that any or all of his or her 465
695-holdings of gold coin or silver coin be converted to United 466
696-States currency and be delivered to the owner within the 467
697-timeframe provided in subparagraph 1. 468
698- 5. The owner and the custodian of gold coin or silver coin 469
699-may agree on any other terms of delivery. 470
700- (e) Within 30 days after a request, make available to an 471
701-owner a copy of any audit report required pursuant to paragraph 472
702-(1)(g) which has been completed within the most recent 2 -year 473
703-period. 474
704- (f) Not disclose information relating to an account 475
705-
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713-F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
714-
715-
716-
717-holder, including, but not limited to, the account holder's 476
718-identity, account balances, account transactions, or other 477
719-related data, except under any of the following circumstances: 478
720- 1. The disclosure is made with the express written consent 479
721-of the account holder. 480
722- 2. The disclosure is made pursuant to a court order or a 481
723-subpoena issued by a court of competent jurisdiction in a civil 482
724-or criminal proceeding. 483
725- 3. The disclosure is otherwise authorized or required by 484
726-state or federal law. 485
727- 486
728-Any information obtained in violation of this paragraph is 487
729-inadmissible in any proceeding if a timely objection is made. A 488
730-subcontractor or agent of a custodian of gold coin or silver 489
731-coin may not disclose any information relating to an account 490
732-holder, including, but not limited to, the account holder's 491
733-identity, account balances, account transacti ons, or other 492
734-related data, except under the circumstances described in 493
735-subparagraph 1., subparagraph 2., or subparagraph 3. 494
736- (3) A violation of any provision of this section or rules 495
737-adopted under this section constitutes a violation of this 496
738-chapter. The office may take disciplinary action against a 497
739-custodian of gold coin or silver coin or licensee or suspend or 498
740-revoke the license, as applicable, for any violation of this 499
741-section including, but not limited to, failure to safeguard 500
742-
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750-F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
751-
752-
753-
754-assets, insolvency, comm ingling of customer assets, unauthorized 501
755-use of assets, failure to maintain required records or reports, 502
756-or other unsafe or unsound practices as defined in s. 503
757-655.005(1)(y). 504
758- (4) Obligations of a custodian of gold coin or silver coin 505
759-to an owner of gold c oin or silver coin under this section are 506
760-fiduciary in nature for purposes of determining the priority of 507
761-claims or losses. 508
762- (5) The commission may adopt rules as necessary to 509
763-implement this section. 510
764- Section 11. Paragraph (e) of subsection (3) of sect ion 511
765-655.50, Florida Statutes, is amended to read: 512
766- 655.50 Florida Control of Money Laundering and Terrorist 513
767-Financing in Financial Institutions Act. — 514
768- (3) As used in this section, the term: 515
769- (e) "Monetary instruments" means coin or currency of the 516
770-United States or of any other country, travelers' checks, 517
771-personal checks, bank checks, money orders, stored value cards, 518
772-prepaid cards, gold coin or silver coin as those terms are 519
773-defined in s. 215.986, investment securities or negotiable 520
774-instruments in bearer form or otherwise in such form that title 521
775-thereto passes upon delivery, or similar devices. 522
776- Section 12. Section 655.97, Florida Statutes, is created 523
777-to read: 524
778- 655.97 Gold and silver coin as legal tender. — 525
779-
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787-F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
788-
789-
790-
791- (1) A financial institution may not be requ ired to engage 526
792-in any of the following activities: 527
793- (a) Receive deposits, as defined in s. 658.26(5)(c), 528
794-consisting of gold coin or silver coin, as those terms are 529
795-defined in s. 215.986, whether in physical form or by electronic 530
796-transfer. 531
797- (b) Exchange gold coin or silver coin for coin or currency 532
798-of the United States or of another country. 533
799- (2) To the extent that a financial institution accepts 534
800-gold coin or silver coin deposits, the financial institution 535
801-shall take all of the following actions: 536
802- (a) Maintain separate accounts for any gold coin or silver 537
803-coin and not commingle such gold coin or silver coin with any 538
804-other coin or currency of the United States or of another 539
805-country. 540
806- (b) Insure the gold coin or silver coin, if not otherwise 541
807-insured by the custodian of gold coin or silver coin, for 100 542
808-percent of the full replacement value of any deposit under an 543
809-all-risk insurance policy issued by a nongovernmental -operated 544
810-insurer that is an authorized insurer or an eligible surplus 545
811-lines insurer. 546
812- (c) Securely store and safeguard all physical gold coin or 547
813-silver coin with a custodian of gold coin or silver coin within 548
814-this state. 549
815- (d) Comply, or be responsible and accountable for the 550
816-
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824-F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
825-
826-
827-
828-compliance of any third -party vendor that stores such gold coin 551
829-and silver coin, with the requirements for a custodian of gold 552
830-coin or silver coin as provided in s. 560.214. 553
831- (e) Ensure that any gold coin or silver coin purchased for 554
832-use or circulation as legal tender is from an accredited refiner 555
833-or wholesaler that certi fies that the gold coin or silver coin 556
834-being purchased meets the requirements of gold coin and silver 557
835-coin, as those terms are defined in s. 215.986. 558
836- (f) Comply with all other applicable state and federal 559
837-regulations. 560
838- (3) The commission may adopt rules as necessary to 561
839-implement this section. 562
840- Section 13. Subsection (2) of section 672.511, Florida 563
841-Statutes, is amended to read: 564
842- 672.511 Tender of payment by buyer; payment by check. — 565
843- (2) Tender of payment is sufficient when made by any means 566
844-or in any manner current in the ordinary course of business 567
845-unless the seller demands payment in legal tender and gives any 568
846-extension of time reasonably necessary to procure it. As 569
847-provided in s. 215.986(2)(b), this section may not be construed 570
848-to compel a person to tender payment in gold coin or silver 571
849-coin. 572
850- Section 14. The Department of Financial Services must 573
851-submit a report by January 1, 2026, to the Governor, the 574
852-President of the Senate, and the Speaker of the House of 575
853-
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861-F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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863-
864-
865-Representatives which contains all th e following information: 576
866- (1) The progress of implementing s. 215.986, Florida 577
867-Statutes. 578
868- (2) An explanation of any challenge that requires 579
869-additional legislation to ensure that gold coin or silver coin 580
870-may be accepted by the state as legal tender for pa yment of 581
871-debts pursuant to s. 215.986, Florida Statutes. 582
872- Section 15. Paragraph (a) of subsection (4) of section 583
873-559.952, Florida Statutes, is amended to read: 584
874- 559.952 Financial Technology Sandbox. — 585
875- (4) EXCEPTIONS TO GENERAL LAW AND WAIVERS OF RULE 586
876-REQUIREMENTS.— 587
877- (a) Notwithstanding any other law, upon approval of a 588
878-Financial Technology Sandbox application, the following 589
879-provisions and corresponding rule requirements are not 590
880-applicable to the licensee during the sandbox period: 591
881- 1. Section 516.03(1), except for the application fee, the 592
882-investigation fee, the requirement to provide the social 593
883-security numbers of control persons, evidence of liquid assets 594
884-of at least $25,000 or documents satisfying the requirements of 595
885-s. 516.05(10), and the office's authority to investigate the 596
886-applicant's background. The office may prorate the license 597
887-renewal fee for an extension granted under subsection (7). 598
888- 2. Section 516.05(1) and (2), except that the office shall 599
889-investigate the applicant's background. 600
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899-
900-
901-
902- 3. Section 560.109, only to the extent that the section 601
903-requires the office to examine a licensee at least once every 5 602
904-years. 603
905- 4. Section 560.118(2). 604
906- 5. Section 560.125(1), only to the extent that the 605
907-subsection would prohibit a licensee from engaging in the 606
908-business of a money transmitter or payment instrument seller 607
909-during the sandbox period. 608
910- 6. Section 560.125(2), only to the extent that the 609
911-subsection would prohibit a licensee from appointing an 610
912-authorized vendor during the sandbox period. Any authorize d 611
913-vendor of such a licensee during the sandbox period remains 612
914-liable to the holder or remitter. 613
915- 7. Section 560.128. 614
916- 8. Section 560.141, except for s. 560.141(1)(a)1., 3., 7. -615
917-10. and (b), (c), and (d). 616
918- 9. Section 560.142(1) and (2), except that the of fice may 617
919-prorate, but may not entirely eliminate, the license renewal 618
920-fees in s. 560.143 for an extension granted under subsection 619
921-(7). 620
922- 10. Section 560.143(2), only to the extent necessary for 621
923-proration of the renewal fee under subparagraph 9. 622
924- 11. Section 560.204(1), only to the extent that the 623
925-subsection would prohibit a licensee from engaging in, or 624
926-advertising that it engages in, the activity of a payment 625
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937-
938-
939-instrument seller or money transmitter during the sandbox 626
940-period. 627
941- 12. Section 560.205(1)(b) Section 560.205(2). 628
942- 13. Section 560.208(2). 629
943- 14. Section 560.209, only to the extent that the office 630
944-may modify, but may not entirely eliminate, the net worth, 631
945-corporate surety bond, and collateral deposit amounts required 632
946-under that section. The modifi ed amounts must be in such lower 633
947-amounts that the office determines to be commensurate with the 634
948-factors under paragraph (5)(c) and the maximum number of 635
949-consumers authorized to receive the financial product or service 636
950-under this section. 637
951- Section 16. This act shall take effect upon becoming a 638
952-law. 639
199+ (a) The ability of a vendor to elect payment for goods or 126
200+services from a system participant to be in either bullion or 127
201+dollars at no additional cost to the vendor; 128
202+ (b) The provision that depositors in a bullion depository 129
203+shall be insured for 100 percent of their deposit against all 130
204+risks through a non-governmental operated insurer; 131
205+ (c) The provision that physical specie sufficient to cover 132
206+deposits is held by a bullion depository within this state; 133
207+ (d) The security of the specie, bullion, and transactional 134
208+gold and silver; 135
209+ (e) The provision that all account costs, conversion fees, 136
210+or other costs associated with a transactional gold or silver 137
211+account remain with the system participant, the provider of the 138
212+precious metals-backed electronic payment system, and the 139
213+bullion depository, as agreed to between them pursuant to their 140
214+contract; and 141
215+ (f) Fraud prevention. 142
216+ Section 2. This act shall take effect July 1, 2025. 143