Florida Senate - 2025 CS for SB 132 By the Committee on Banking and Insurance; and Senators Rodriguez, Gruters, and Burgess 597-03074-25 2025132c1 1 A bill to be entitled 2 An act relating to legal tender; amending s. 212.02, 3 F.S.; revising the term tangible personal property; 4 amending s. 212.05, F.S.; revising the sales and use 5 tax of coin or currency tax exemption; specifying that 6 a person who claims the sales tax exemption bears the 7 burden for determining whether the gold coin or silver 8 coin meets a specified definition; providing a 9 presumption regarding the purity requirements of gold 10 coin and silver coin; creating s. 215.986, F.S.; 11 defining terms; specifying, beginning on a specified 12 date, that gold coin and silver coin are legal tender 13 for a specified purpose; providing construction; 14 prohibiting persons from being required to offer or 15 accept any legal tender for a specified purpose; 16 prohibiting persons from incurring liability for 17 refusing to offer or accept legal tender; providing an 18 exception; authorizing a governmental entity to accept 19 gold coin or silver coin for a specified purpose and 20 only in a specified manner; providing applicability; 21 providing construction; authorizing governmental 22 entities to enter into written contracts under certain 23 circumstances; requiring certain custodians of gold 24 coin or silver coin to meet certain requirements; 25 specifying that a governmental entity that tenders or 26 accepts gold coin or silver coin under certain 27 circumstances need not comply with certain provisions; 28 creating s. 280.21, F.S.; requiring custodians of gold 29 coin or silver coin which hold public deposits to meet 30 certain requirements; amending s. 560.103, F.S.; 31 revising definitions and defining terms; amending s. 32 560.141, F.S.; requiring the Office of Financial 33 Regulation to approve an application for a custodian 34 of gold coin or silver coin under certain 35 circumstances; authorizing the office to conduct an 36 examination of certain applicants before issuing a 37 specified license; amending s. 560.142, F.S.; 38 requiring the office to approve a renewal application 39 for a custodian of gold coin or silver coin under 40 certain circumstances; creating s. 560.150, F.S.; 41 prohibiting money services businesses from being 42 required to offer certain products or services; 43 specifying certain requirements if money services 44 businesses offer certain products or services; 45 authorizing the Financial Services Commission to adopt 46 rules; amending s. 560.204, F.S.; prohibiting a person 47 from engaging in or advertising that they engage in 48 the activity of a custodian of gold or coin or silver 49 coin for compensation without a license; amending s. 50 560.205, F.S.; requiring applicants seeking to operate 51 as a payment instrument seller, money transmitter, or 52 a custodian of gold coin or silver coin to provide 53 specified information to the office; amending s. 54 560.214, F.S.; requiring a custodian of gold coin or 55 silver coin to meet certain requirements; specifying 56 that certain actions constitute a violation of certain 57 provisions; authorizing the office to take certain 58 disciplinary actions; specifying that the obligations 59 of a custodian to an owner of gold coin or silver coin 60 are fiduciary in nature for a specified purpose; 61 authorizing the commission to adopt rules; amending s. 62 655.50, F.S.; revising the definition of the term 63 monetary instrument; creating s. 655.970, F.S.; 64 prohibiting financial institutions from being required 65 to take certain actions; requiring financial 66 institutions to take actions under certain 67 circumstances; authorizing the commission to adopt 68 rules; amending s. 672.511, F.S.; providing 69 construction; requiring, by a specified date, the 70 Department of Financial Services to submit a specified 71 report to the Governor and the Legislature; amending 72 s. 559.952, F.S.; conforming a cross-reference; 73 providing an effective date. 74 75 Be It Enacted by the Legislature of the State of Florida: 76 77 Section 1.Subsection (19) of section 212.02, Florida 78 Statutes, is amended to read: 79 212.02Definitions.The following terms and phrases when 80 used in this chapter have the meanings ascribed to them in this 81 section, except where the context clearly indicates a different 82 meaning: 83 (19)Tangible personal property means and includes 84 personal property which may be seen, weighed, measured, or 85 touched or is in any manner perceptible to the senses, including 86 electric power or energy, boats, motor vehicles and mobile homes 87 as defined in s. 320.01(1) and (2), aircraft as defined in s. 88 330.27, and all other types of vehicles. The term tangible 89 personal property does not include stocks, bonds, notes, 90 insurance, gold coin or silver coin as those terms are defined 91 in s. 215.986, or other obligations or securities or pari-mutuel 92 tickets sold or issued under the racing laws of the state. 93 Section 2.Paragraph (j) of subsection (1) of section 94 212.05, Florida Statutes, is amended to read: 95 212.05Sales, storage, use tax.It is hereby declared to be 96 the legislative intent that every person is exercising a taxable 97 privilege who engages in the business of selling tangible 98 personal property at retail in this state, including the 99 business of making or facilitating remote sales; who rents or 100 furnishes any of the things or services taxable under this 101 chapter; or who stores for use or consumption in this state any 102 item or article of tangible personal property as defined herein 103 and who leases or rents such property within the state. 104 (1)For the exercise of such privilege, a tax is levied on 105 each taxable transaction or incident, which tax is due and 106 payable as follows: 107 (j)1.Notwithstanding any other provision of this chapter, 108 there is hereby levied a tax on the sale, use, consumption, or 109 storage for use in this state of any coin or currency, whether 110 in circulation or not, when such coin or currency: 111 a.Is not legal tender; 112 b.If legal tender, is sold, exchanged, or traded at a rate 113 in excess of its face value; or 114 c.Is sold, exchanged, or traded at a rate based on its 115 precious metal content. 116 2.Such tax shall be at a rate of 6 percent of the price at 117 which the coin or currency is sold, exchanged, or traded, except 118 that, with respect to a coin or currency which is legal tender 119 of the United States or any gold coin or silver coin declared 120 legal tender in this state pursuant to s. 215.986 and which is 121 sold, exchanged, or traded, such tax shall not be levied. The 122 person that claims the sales tax exemption bears the burden of 123 determining whether the gold coin or silver coin meets the 124 definitions provided in s. 215.986. In the absence of evidence 125 to the contrary, there is a presumption that the gold coin or 126 silver coin meets the percent purity requirements provided in s. 127 215.986 based upon: 128 a.The purity imprinted or stamped on the gold coin or 129 silver coin; or 130 b.An electronic transfer, as defined in s. 215.986(1)(b), 131 of a gold coin or silver coin or any fraction thereof. 132 3.There are exempt from this tax exchanges of coins or 133 currency which are in general circulation in, and legal tender 134 of, one nation for coins or currency which are in general 135 circulation in, and legal tender of, another nation when 136 exchanged solely for use as legal tender and at an exchange rate 137 based on the relative value of each as a medium of exchange. 138 4.With respect to any transaction that involves the sale 139 of coins or currency taxable under this paragraph in which the 140 taxable amount represented by the sale of such coins or currency 141 exceeds $500, the entire amount represented by the sale of such 142 coins or currency is exempt from the tax imposed under this 143 paragraph. The dealer must maintain proper documentation, as 144 prescribed by rule of the department, to identify that portion 145 of a transaction which involves the sale of coins or currency 146 and is exempt under this subparagraph. 147 Section 3.Section 215.986, Florida Statutes, is created to 148 read: 149 215.986Gold and silver coin as legal tender. 150 (1)DEFINITIONS.-As used in this section, the term: 151 (a)Debt means an obligation for the payment of money 152 under contract, whether expressed or implied, which includes 153 judgments and recognizance. The term debt does not include 154 taxes, charges, or dues imposed by the state. 155 (b)Electronic transfer means any transfer of gold coin 156 or silver coin, or any fraction thereof, other than a 157 transaction by check, draft, or similar paper instrument, which 158 is initiated through debit card, mobile application, or computer 159 to order, instruct, or authorize a financial institution as 160 defined in s. 655.005(1)(i) or a money services business as 161 defined in s. 560.103 to debit or credit an account with gold 162 coin or silver coin or the equivalent coin or currency of the 163 United States converted at current market price. 164 (c)Gold coin means a precious metal with the chemical 165 element of atomic number 79 in solid form, typically in the 166 shape of rounds, bars, ingots, or bullion coins, which is valued 167 for its metal content and stamped or imprinted with its weight 168 and which consists of at least 99.5 percent purity. The term 169 coin does not mean any goods as defined in s. 672.105(1), such 170 as jewelry, other items of utility such as picture frames, or 171 keepsakes. 172 (d)Governmental entity means a state, regional, county, 173 municipal, special district, or other political subdivision, 174 whether executive, judicial, or legislative, including, but not 175 limited to, a department, a division, a board, a bureau, a 176 commission, an authority, a district, or an agency thereof, or a 177 public school, a Florida College System institution, a state 178 university, or an associated board. 179 (e)Legal tender means a medium of exchange that is 180 authorized by this state pursuant to s. 10, Art. I of the United 181 States Constitution for the payment of a debt. 182 (f)Silver coin means a precious metal with the chemical 183 element of atomic number 47, in solid form typically in the 184 shape of rounds, bars, ingots, or bullion coins, which is valued 185 for its metal content and is stamped or imprinted with a weight 186 that consists of at least 99.9 percent purity. The term coin 187 does not mean any goods as defined in s. 672.105(1), such as 188 jewelry, other items of utility such as picture frames, or 189 keepsakes. 190 (2)LEGAL TENDER.-Effective January 1, 2026, gold coin and 191 silver coin are legal tender for the payment of a debt in this 192 state. 193 (a)This section may not be construed to restrict the 194 electronic transfer of gold coin or silver coin as tender for 195 the payment of a debt. 196 (b)A person may not be required to offer or accept any 197 recognized legal tender, as described in this subsection, for 198 the payment of a debt, deposit, or any other purpose. A person 199 may not incur any liability for refusing to offer or accept such 200 legal tender, except as specifically provided for by contract. 201 (c)A governmental entity may accept gold coin or silver 202 coin for the payment of taxes or fees levied by the state or 203 local government or any subdivision thereof. However, a 204 governmental entity may tender or accept gold coin or silver 205 coin as payment for a debt only by electronic transfer and may 206 not tender or accept gold coin or silver coin in physical form. 207 (d)This section may not apply after the death of a system 208 participant or account holder and may not affect the definitions 209 of tangible personal property or precious metals for the 210 purposes of chapters 731-738. 211 (e)This section does not exempt a person from any 212 applicable federal tax law, rule, or regulation. 213 (3)GOVERNMENT IMPLEMENTATION.Each governmental entity 214 that intends to tender or to accept payment of gold coin or 215 silver coin may enter into a written contract which must be 216 procured through competitive bidding with a qualified public 217 depository as defined in s. 280.02. 218 (a)Unless otherwise provided in chapter 280, a custodian 219 of gold coin or silver coin, as that term is defined in s. 220 560.103, which holds gold coin or silver coin as public deposits 221 must meet the requirements for qualified public depositories 222 under that chapter. 223 (b)A governmental entity that tenders or accepts gold coin 224 or silver coin as payment of a debt by one of the exemptions 225 listed in s. 280.03(3) need not comply with this subsection for 226 purposes of tendering or accepting such gold coin or silver 227 coin. 228 Section 4.Section 280.21, Florida Statutes, is created to 229 read: 230 280.21Custodians of gold coin and silver coin.A custodian 231 of gold coin or silver coin as that term is defined in s. 232 560.103 which holds public deposits must do all of the 233 following: 234 (1)Meet the definition of a qualified public depository as 235 defined in s. 280.02, except that such custodian is not required 236 to be insured by the Federal Deposit Insurance Corporation or 237 the National Credit Union Share Insurance Fund for purposes of 238 holding gold coin or silver coin as defined in s. 215.986. 239 (2)Comply with all other applicable qualified public 240 depository requirements and be subject to the provisions of this 241 chapter. 242 Section 5.Present subsections (13) through (19), (20) 243 through (34), and (35) and (36) of section 560.103, Florida 244 Statutes, are redesignated as subsections (14) through (20), 245 (22) through (36), and (38) and (39), respectively, new 246 subsections (13), (21), and (37) are added to that section, and 247 present subsections (18), (23), and (24) of that section are 248 amended, to read: 249 560.103Definitions.As used in this chapter, the term: 250 (13)Custodian of gold coin or silver coin means any 251 person or entity providing secure vault facilities for the 252 safekeeping and storage of gold coin or silver coin, the 253 ownership of which is or may be transferred electronically as 254 defined in s. 215.986(1). The term includes any person who holds 255 gold coin or silver coin for more than 10 days. 256 (19)(18)Foreign currency exchanger means a person who 257 exchanges, for compensation, currency of the United States or a 258 foreign government, gold coin, or silver coin to currency of 259 another government. 260 (21)Gold coin has the same meaning as in s. 215.986. 261 (25)(23)Money services business means any person located 262 in or doing business in this state, from this state, or into 263 this state from locations outside this state or country who acts 264 as a payment instrument seller, foreign currency exchanger, 265 check casher, or money transmitter, or custodian of gold coin or 266 silver coin. 267 (26)(24)Money transmitter means a corporation, limited 268 liability company, limited liability partnership, or foreign 269 entity qualified to do business in this state which receives 270 currency, monetary value, a payment instrument, gold coin or 271 silver coin, or virtual currency for the purpose of acting as an 272 intermediary to transmit currency, monetary value, a payment 273 instrument, gold coin or silver coin, or virtual currency from 274 one person to another location or person by any means, including 275 transmission by wire, facsimile, electronic transfer, courier, 276 the Internet, or through bill payment services or other 277 businesses that facilitate such transfer within this country, or 278 to or from this country. The term includes only an intermediary 279 that has the ability to unilaterally execute or indefinitely 280 prevent a transaction. 281 (37)Silver coin has the same meaning as in s. 215.986. 282 Section 6.Subsection (3) is added to section 560.141, 283 Florida Statutes, to read: 284 560.141License application. 285 (3)The office must approve an application for a custodian 286 of gold coin or silver coin if the applicant demonstrates 287 compliance with the provisions of this chapter and the rules 288 adopted by the commission requiring guidelines for the storage, 289 security, insurance, auditing, administration, authorized 290 access, transacting, and transfer of gold coin or silver coin. 291 The office may conduct an examination of the applicant before 292 issuing a license to determine the applicants ability to 293 conduct business immediately upon opening for business. 294 Section 7.Present subsection (5) of section 560.142, 295 Florida Statutes, is redesignated as subsection (6), and a new 296 subsection (5) is added to that section, to read: 297 560.142License renewal. 298 (5)The office must approve a renewal application for a 299 custodian of gold coin or silver coin if the licensee 300 demonstrates compliance with the applicable provisions of this 301 chapter and with the rules adopted by the commission requiring 302 guidelines for the storage, security, insurance, auditing, 303 administration, authorized access, transacting, and transfer of 304 gold coin or silver coin. 305 Section 8.Section 560.150, Florida Statutes, is created to 306 read: 307 560.150Gold and silver coin as legal tender. 308 (1)A money services business may not be required to offer 309 products or services, including, but not limited to, 310 transmitting, storing, exchanging, or accepting payment in gold 311 coin or silver coin. To the extent that a money services 312 business offers such products or services, the money services 313 business must do all of the following: 314 (a)Insure the gold coin or silver coin, if not otherwise 315 insured by an independent custodian of gold coin or silver coin, 316 for 100 percent of the full replacement value of any deposit 317 under an all-risk insurance policy issued by a nongovernmental 318 operated insurer that is an authorized insurer or eligible 319 surplus lines insurer. 320 (b)Securely store and safeguard all physical gold coin or 321 silver coin with a custodian of gold coin or silver coin within 322 this state. 323 (c)Include any fee to convert gold coin or silver coin to 324 coin or currency of the United States or of another country in 325 the total maximum interchange transaction fee that an issuer may 326 charge with respect to an electronic debit transaction as 327 provided under the Electronic Fund Transfer Act in 15 U.S.C. s. 328 1693 et seq. 329 (d)Ensure that any gold coin or silver coin that is 330 purchased for use or circulation as legal tender is from an 331 accredited refiner or wholesaler, as prescribed by commission 332 rule, that certifies that the gold coin or silver coin being 333 purchased meets the requirements of gold coin and silver coin 334 defined in s. 215.986. 335 (e)Comply with chain of custody requirements, as 336 prescribed by commission rule. 337 (f)Comply with all other applicable state and federal 338 regulations. 339 (2)The commission may adopt rules as necessary to 340 implement this section. 341 Section 9.Subsection (1) of section 560.204, Florida 342 Statutes, is amended to read: 343 560.204License required. 344 (1)Unless exempted, a person may not engage in, or in any 345 manner advertise that they engage in, the activity of a payment 346 instrument seller, or money transmitter, or custodian of gold 347 coin or silver coin for compensation, without first obtaining a 348 license under this part. For purposes of this subsection, the 349 term compensation includes profit or loss on the exchange of 350 currency, monetary value, or virtual currency. 351 Section 10.Section 560.205, Florida Statutes, is amended 352 to read: 353 560.205Additional license application requirements.In 354 addition to the license application requirements under part I of 355 this chapter, an applicant seeking a license under this part 356 must also submit any information required by this section to the 357 office.: 358 (1)Any applicant seeking to operate as a payment 359 instrument seller or money transmitter must provide all of the 360 following information to the office: 361 (a)A sample authorized vendor contract, if applicable. 362 (b)(2)A sample form of payment instrument, if applicable. 363 (c)(3)Documents demonstrating that the net worth and 364 bonding requirements specified in s. 560.209 have been 365 fulfilled. 366 (d)(4)A copy of the applicants financial audit report for 367 the most recent fiscal year. If the applicant is a wholly owned 368 subsidiary of another corporation, the financial audit report on 369 the parent corporations financial statements satisfies shall 370 satisfy this requirement. 371 (2)Any applicant seeking to operate as a custodian of gold 372 coin or silver coin must provide all of the following 373 information to the office: 374 (a)All requirements specified in subsection(1). 375 (b)Evidence of: 376 1.Insurance against loss for all gold coin and silver coin 377 held in its custody; 378 2.Custody of the same quantity and type of asset for all 379 current gold coin or silver coin held in its custody; and 380 3.Depository accreditation from an entity approved by the 381 office. 382 (c)A statement of a business plan providing for the safe 383 and sound operation of custodial services pertaining to the 384 storage, security, insurance, auditing, administration, 385 authorized access, transacting, and transfer of gold coin or 386 silver coin to the satisfaction of the office or in accordance 387 with rules adopted by the commission. 388 Section 11.Section 560.214, Florida Statutes, is created 389 to read: 390 560.214Custodians of gold coin or silver coin. 391 (1)A custodian of gold coin or silver coin must meet all 392 of the following requirements: 393 (a)Be located in a manner that allows quick and efficient 394 movement of the gold coin or silver coin, or enables rapid 395 response time from law enforcement if necessary. 396 (b)Meet security requirements in accordance with industry 397 standards, including, but not limited to: 398 1.Use of a high-security vault rated by Underwriters 399 Laboratories, Inc. 400 2.Physical security and video surveillance 24 hours a day, 401 7 days a week; 402 3.Biometric or multi-factor access controls; 403 4.Facility design that is disaster-resistant including 404 resistant to fire, flood, or earthquakes; and 405 5.Regular review and updates of security procedure. 406 (c)Keep customer assets segregated from the custodians 407 own assets and from asset classes that are not gold coin and 408 silver coin. 409 (d)Offer allocated storage where the gold coin or silver 410 coin is kept separate and identifiable, or segregated storage 411 where the gold coin or silver coin is stored apart from other 412 customers gold coin or silver coin. 413 (e)Comply with chain of custody requirements as prescribed 414 by commission rule. 415 (f)Maintain records detailing the inventory system, 416 including, but not limited to, serial number and bar number 417 tracking and ledger accounts. 418 (g)Have its custodial holdings examined or audited at 419 least annually by an independent certified public accountant or 420 other auditor acceptable to the office. The auditor must verify 421 that the custodians custodial assets are sufficient to cover 422 all customer holdings and are held as represented. The results 423 of such audit or examination must be reported to the office. 424 (h)Maintain insurance covering 100 percent of the full 425 replacement value of the stored gold coin or silver coin under 426 an all-risk insurance policy for loss, theft, damage, and 427 employee dishonesty by an authorized insurer or eligible surplus 428 lines insurer. 429 (i)Permit visits or inspections with advance notice. 430 (j)Maintain secure technology, including all of the 431 following cybersecurity measures: 432 1.Secure online portal for account access. 433 2.Data encrypted in transit and at rest. 434 3.Two-factor authentication for login. 435 4.Regular cybersecurity audits or vulnerability 436 assessments. 437 (k)Maintain custody of the same quantity and type of gold 438 coin or silver coin as that entrusted by each customer. 439 (l)Refrain from selling, lending, pledging, 440 rehypothecating, or encumbering any customers gold coin or 441 silver coin except to the extent directed by the customer for a 442 transfer or transaction. 443 (m)Comply with anti-money laundering regulation pursuant 444 to this chapter, and any applicable state or federal regulation. 445 (2)For a custodian that has a direct contractual 446 relationship with the owner of the gold coin or silver coin, 447 such custodian must also comply with all of the following 448 requirements: 449 (a)Furnish to each owner, at the inception of the 450 relationship and on at least an annual basis, a clear, written 451 disclosure of the terms and conditions of the custodial 452 arrangement and the associated risks. Such disclosure must also 453 state that gold or silver assets are not insured by the FDIC, 454 NCUA, or SIPC and that the owners assets are held by a licensed 455 custodian under Florida law. 456 (b)Provide transparent contracts, products, services, and 457 fees, including storage and transaction fees. 458 (c)Provide quarterly account statements to an owner which 459 itemize the assets in custody for that owner, and promptly 460 deliver an updated statement and return of the gold coin or 461 silver coin to the owner or as the owner directs. 462 (d)Within 30 days of a request, make available to an owner 463 a copy of any audit report required pursuant to paragraph (1)(e) 464 which has been completed within the most recent 2-year period. 465 (3)A violation of any provision of this section or rules 466 adopted hereunder constitutes a violation of this chapter. The 467 office may take disciplinary action against a custodian or 468 licensee or suspend or revoke the license, as applicable, for 469 any violation of this section including, but not limited to, 470 failure to safeguard assets, insolvency, commingling of customer 471 assets, unauthorized use of assets, failure to maintain required 472 records or reports, or other unsafe or unsound practices as 473 defined in s. 655.005(1)(y). 474 (4)Obligations of a custodian to an owner of gold coin or 475 silver coin under this section are fiduciary in nature for 476 purposes of determining the priority of claims or losses. 477 (5)The commission may adopt rules as necessary to 478 implement this section. 479 Section 12.Paragraph (e) of subsection (3) of section 480 655.50, Florida Statutes, is amended to read: 481 655.50Florida Control of Money Laundering and Terrorist 482 Financing in Financial Institutions Act. 483 (3)As used in this section, the term: 484 (e)Monetary instruments means coin or currency of the 485 United States or of any other country, travelers checks, 486 personal checks, bank checks, money orders, stored value cards, 487 prepaid cards, gold coin or silver coin as those terms are 488 defined in s. 215.986, investment securities or negotiable 489 instruments in bearer form or otherwise in such form that title 490 thereto passes upon delivery, or similar devices. 491 Section 13.Section 655.970, Florida Statutes, is created 492 to read: 493 655.970Gold and silver coin as legal tender. 494 (1)A financial institution may not be required to take any 495 of the following actions: 496 (a)Receive deposits, as that term is defined in s. 497 658.26(5)(c), consisting of gold coin or silver coin, as those 498 terms are defined in s. 215.986, whether in physical form or by 499 electronic transfer. 500 (b)Exchange gold coin or silver coin for coin or currency 501 of the United States or of another country. 502 (2)To the extent that a financial institution accepts gold 503 coin or silver coin deposits, the financial institution shall do 504 all of the following: 505 (a)Maintain separate accounts for any gold coin or silver 506 coin and not commingle such gold coin or silver coin with any 507 other coin or currency of the United States or of another 508 country. 509 (b)Insure the gold coin or silver coin, if not otherwise 510 insured by the custodian of gold coin or silver coin, for 100 511 percent of the full replacement value of any deposit under an 512 all-risk insurance policy issued by a nongovernmental-operated 513 insurer that is an authorized insurer or an eligible surplus 514 lines insurer. 515 (c)Securely store and safeguard all physical gold coin or 516 silver coin with a custodian of gold or silver coin within this 517 state. 518 (d)Comply, or be responsible and accountable for any 519 third-party vendor that stores such gold coin and silver coin to 520 comply, with the requirements for a custodian of gold coin or 521 silver coin as provided in s. 560.214. 522 (e)Include any fee to convert gold coin or silver coin to 523 coin or currency of the United States or of another country in 524 the total maximum interchange transaction fee that an issuer may 525 charge with respect to an electronic debit transaction as 526 provided under the Electronic Fund Transfer Act in 15 U.S.C. s. 527 1693 et seq. 528 (f)Ensure that any gold coin or silver coin purchased for 529 use or circulation as legal tender is from an accredited refiner 530 or wholesaler that certifies that the gold coin or silver coin 531 being purchased meets the requirements of gold coin and silver 532 coin defined in s. 215.986. 533 (g)Comply with all other applicable state and federal 534 regulations. 535 (3)The commission may adopt rules as necessary to 536 implement this section. 537 Section 14.Subsection (2) of section 672.511, Florida 538 Statutes, is amended to read: 539 672.511Tender of payment by buyer; payment by check. 540 (2)Tender of payment is sufficient when made by any means 541 or in any manner current in the ordinary course of business 542 unless the seller demands payment in legal tender and gives any 543 extension of time reasonably necessary to procure it. As 544 provided in s. 215.986(2)(b), this section may not be construed 545 to compel a person to tender payment in gold coin or silver 546 coin. 547 Section 15.The Department of Financial Services must 548 submit a report by January 1, 2026 to the Governor, the 549 President of the Senate, and the Speaker of the House of 550 Representatives which contains all the following information: 551 (1)The progress of implementing s. 215.986, Florida 552 Statutes. 553 (2)An explanation of any challenge that requires 554 additional legislation to ensure that gold coin or silver coin 555 may be accepted by the state as legal tender for payment of 556 debts pursuant to s. 215.986, Florida Statutes. 557 Section 16.Paragraph (a) of subsection (4) of section 558 559.952, Florida Statutes, is amended to read: 559 559.952Financial Technology Sandbox. 560 (4)EXCEPTIONS TO GENERAL LAW AND WAIVERS OF RULE 561 REQUIREMENTS. 562 (a)Notwithstanding any other law, upon approval of a 563 Financial Technology Sandbox application, the following 564 provisions and corresponding rule requirements are not 565 applicable to the licensee during the sandbox period: 566 1.Section 516.03(1), except for the application fee, the 567 investigation fee, the requirement to provide the social 568 security numbers of control persons, evidence of liquid assets 569 of at least $25,000 or documents satisfying the requirements of 570 s. 516.05(10), and the offices authority to investigate the 571 applicants background. The office may prorate the license 572 renewal fee for an extension granted under subsection (7). 573 2.Section 516.05(1) and (2), except that the office shall 574 investigate the applicants background. 575 3.Section 560.109, only to the extent that the section 576 requires the office to examine a licensee at least once every 5 577 years. 578 4.Section 560.118(2). 579 5.Section 560.125(1), only to the extent that the 580 subsection would prohibit a licensee from engaging in the 581 business of a money transmitter or payment instrument seller 582 during the sandbox period. 583 6.Section 560.125(2), only to the extent that the 584 subsection would prohibit a licensee from appointing an 585 authorized vendor during the sandbox period. Any authorized 586 vendor of such a licensee during the sandbox period remains 587 liable to the holder or remitter. 588 7.Section 560.128. 589 8.Section 560.141, except for s. 560.141(1)(a)1., 3., 7. 590 10. and (b), (c), and (d). 591 9.Section 560.142(1) and (2), except that the office may 592 prorate, but may not entirely eliminate, the license renewal 593 fees in s. 560.143 for an extension granted under subsection 594 (7). 595 10.Section 560.143(2), only to the extent necessary for 596 proration of the renewal fee under subparagraph 9. 597 11.Section 560.204(1), only to the extent that the 598 subsection would prohibit a licensee from engaging in, or 599 advertising that it engages in, the activity of a payment 600 instrument seller or money transmitter during the sandbox 601 period. 602 12.Section 560.205(1)(b) Section 560.205(2). 603 13.Section 560.208(2). 604 14.Section 560.209, only to the extent that the office may 605 modify, but may not entirely eliminate, the net worth, corporate 606 surety bond, and collateral deposit amounts required under that 607 section. The modified amounts must be in such lower amounts that 608 the office determines to be commensurate with the factors under 609 paragraph (5)(c) and the maximum number of consumers authorized 610 to receive the financial product or service under this section. 611 Section 17.This act shall take effect upon becoming a law.