Indiana 2025 Regular Session

Indiana House Bill HB1614 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	~~HB1614.1~~
2		-	~~February 4, 2025~~
	1	+
	2	+	Introduced Version
3	3		HOUSE BILL No. 1614
4	4		_____
5		-	DIGEST OF HB 1614 (Updated February 4, 2025 1:08 pm - DI 154)
6		-	Citations Affected: IC 6-1.1; IC 6-2.5; IC 26-2.
	5	+	DIGEST OF INTRODUCED BILL
	6	+	Citations Affected: IC 4-8.1-3; IC 6-1.1-2-7; IC 6-2.5-5-47;
	7	+	IC 26-2-11.
7	8		Synopsis: Bullion depositories. Defines "bullion" as refined silver or
8	9		gold that has certain specified characteristics. Defines "specie" as
9	10		bullion that is fabricated into products that are suitable for, or
10	11		customarily used as, currency or a medium of exchange. Defines
11	12		"specie legal tender" as: (1) specie coin issued by the United States
12	13		government; or (2) any other specie that a federal court determines to
13	14		be within state authority to make or designate as legal tender under the
14		-	Constitution of the United States. Provides that bullion is not subject
	15	+	Constitution of the United States. Requires the treasurer of state
	16	+	(treasurer) to designate one or more established bullion depositories to
	17	+	provide a secure location for the storage of bullion by Indiana
	18	+	consumers. Requires the treasurer to engage an administrator to: (1)
	19	+	oversee transactional and administrative procedures on behalf of
	20	+	consumers holding bullion deposit accounts in a designated bullion
	21	+	depository; and (2) facilitate the use of an electronic currency by
	22	+	consumers holding bullion deposit accounts in a designated bullion
	23	+	depository. Provides that a consumer may establish a bullion depository
	24	+	account with a designated bullion depository by entering into a
	25	+	depository agreement with the bullion depository. Specifies certain
	26	+	types of transactions that a consumer must be able to conduct using
	27	+	electronic currency through the systems and processes provided by the
	28	+	administrator. Provides that a designated bullion depository qualifies
	29	+	as a state depository and is eligible to receive public funds of: (1) the
	30	+	state; or (2) a political subdivision; on deposit. Provides that each
	31	+	designated bullion depository must be audited by an independent third
	32	+	party auditor on an annual basis. Requires the treasurer to provide to
	33	+	the members of the general assembly on an annual basis a report
	34	+	(Continued next page)
	35	+	Effective: July 1, 2025.
	36	+	Lindauer, Teshka, Lucas, Ledbetter
	37	+	January 21, 2025, read first time and referred to Committee on Financial Institutions.
	38	+	2025 IN 1614—LS 7734/DI 101 Digest Continued
	39	+	concerning the operations and financial status of each designated
	40	+	bullion depository. Provides that the treasurer shall: (1) adopt
	41	+	guidelines; (2) designate one or more bullion depositories; and (3)
	42	+	engage an administrator; not later than such time as will enable
	43	+	consumers to conduct business with and through a designated bullion
	44	+	depository and the administrator not later than December 31, 2026.
	45	+	Requires the treasurer to submit to the general assembly, not later than
	46	+	June 30, 2026, a report describing the treasurer's progress in
	47	+	implementing the bill's provisions. Provides that bullion is not subject
15	48		to assessment and taxation under Indiana's property tax statute.
16	49		Provides that the exchange of one type or form of legal tender for
17	50		another type or form of legal tender is exempt from the state gross retail
18	51		tax. Provides that: (1) specie legal tender; and (2) electronic currency;
19	52		are recognized as legal tender in Indiana. Provides that except as
20	53		otherwise specifically provided by law or contract, a person may not
21	54		compel any other person to tender or accept specie as legal tender.
22	55		Provides that a prevailing party in an action for breach of any contract
23	56		provision that expressly designates a type or form of specie as tender
24	57		is entitled to specific performance of the contract provision.
25		-	Effective: July 1, 2025.
26		-	Lindauer, Teshka, Lucas, Ledbetter
27		-	January 21, 2025, read first time and referred to Committee on Financial Institutions.
28		-	February 4, 2025, amended, reported — Do Pass. Referred to Committee on Ways and
29		-	Means pursuant to Rule 126.3.
30		-	HB 1614—LS 7734/DI 101 February 4, 2025
	58	+	2025 IN 1614—LS 7734/DI 1012025 IN 1614—LS 7734/DI 101 Introduced
31	59		First Regular Session of the 124th General Assembly (2025)
32	60		PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
33	61		Constitution) is being amended, the text of the existing provision will appear in this style type,
34	62		additions will appear in this style type, and deletions will appear in this style type.
35	63		Additions: Whenever a new statutory provision is being enacted (or a new constitutional
36	64		provision adopted), the text of the new provision will appear in this style type. Also, the
37	65		word NEW will appear in that style type in the introductory clause of each SECTION that adds
38	66		a new provision to the Indiana Code or the Indiana Constitution.
39	67		Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts
40	68		between statutes enacted by the 2024 Regular Session of the General Assembly.
41	69		HOUSE BILL No. 1614
42		-	A BILL FOR AN ACT to amend the Indiana Code concerning
43		-	~~commercial law~~.
	70	+	A BILL FOR AN ACT to amend the Indiana Code concerning state
	71	+	offices and administration.
44	72		Be it enacted by the General Assembly of the State of Indiana:
45		-	1 SECTION 1. IC 6-1.1-2-7, AS AMENDED BY P.L.234-2019,
46		-	2 SECTION 1, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
47		-	3 JULY 1, 2025]: Sec. 7. (a) As used in this section, "nonbusiness
48		-	4 personal property" means personal property that is not:
49		-	5 (1) held for sale in the ordinary course of a trade or business;
50		-	6 (2) held, used, or consumed in connection with the production of
51		-	7 income; or
52		-	8 (3) held as an investment.
53		-	9 (b) The following property is not subject to assessment and taxation
54		-	10 under this article:
55		-	11 (1) A commercial vessel that is subject to the net tonnage tax
56		-	12 imposed under IC 6-6-6.
57		-	13 (2) A vehicle that is subject to the vehicle excise tax imposed
58		-	14 under IC 6-6-5.
59		-	15 (3) A motorized boat or sailboat that is subject to the boat excise
60		-	HB 1614—LS 7734/DI 101 2
61		-	1 tax imposed under IC 6-6-11.
62		-	2 (4) Property used by a cemetery (as defined in IC 23-14-33-7) if
63		-	3 the cemetery:
64		-	4 (A) does not have a board of directors, board of trustees, or
65		-	5 other governing authority other than the state or a political
66		-	6 subdivision; and
67		-	7 (B) has had no business transaction during the preceding
68		-	8 calendar year.
69		-	9 (5) A commercial vehicle that is subject to the annual excise tax
70		-	10 imposed under IC 6-6-5.5.
71		-	11 (6) Inventory.
72		-	12 (7) A recreational vehicle or truck camper that is subject to the
73		-	13 annual excise tax imposed under IC 6-6-5.1.
74		-	14 (8) The following types of nonbusiness personal property:
75		-	15 (A) All-terrain vehicles.
76		-	16 (B) Snowmobiles.
77		-	17 (C) Rowboats, canoes, kayaks, and other human powered
78		-	18 boats.
79		-	19 (D) Invalid chairs.
80		-	20 (E) Yard and garden tractors.
81		-	21 (F) Trailers that are not subject to an excise tax under:
82		-	22 (i) IC 6-6-5;
83		-	23 (ii) IC 6-6-5.1; or
84		-	24 (iii) IC 6-6-5.5.
85		-	25 (9) For an assessment date after December 31, 2018, heavy rental
86		-	26 equipment (as defined in IC 6-6-15-2) that is rented or held for
87		-	27 rental or sale, the rental of which is or would be subject to the
88		-	28 heavy equipment rental excise tax provisions under IC 6-6-15;
89		-	29 provided, however, that a rentee that is exempt under
90		-	30 IC 6-6-15-4(a)(3) from such excise tax shall be subject to the
91		-	31 provisions of this article on such equipment.
92		-	32 (10) For an assessment date after December 31, 2025, bullion
93		-	33 (as defined in IC 26-2-11-1).
94		-	34 SECTION 2. IC 6-2.5-5-47, AS AMENDED BY P.L.239-2017,
95		-	35 SECTION 9, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
96		-	36 JULY 1, 2025]: Sec. 47. (a) As used in this section, "legal tender":
97		-	37 (1) has the meaning set forth in IC 26-2-11-4; and
98		-	38 (2) includes:
99		-	39 (A) specie legal tender (as defined in IC 26-2-11-7); and
100		-	40 (B) electronic currency (as defined in IC 26-2-11-2).
101		-	41 (b) Transactions involving the sale of or the lease or rental of
102		-	42 storage for:
103		-	HB 1614—LS 7734/DI 101 3
104		-	1 (1) coins that are permitted investments by an individual
	73	+	1 SECTION 1. IC 4-8.1-3 IS ADDED TO THE INDIANA CODE AS
	74	+	2 A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE JULY
	75	+	3 1, 2025]:
	76	+	4 Chapter 3. Bullion Depositories
	77	+	5 Sec. 1. (a) As used in this chapter, "administrator" means a
	78	+	6 person engaged by the treasurer of state under section 15 of this
	79	+	7 chapter to oversee transactional and administrative procedures on
	80	+	8 behalf consumers holding bullion deposit accounts in a designated
	81	+	9 bullion depository.
	82	+	10 (b) The term includes an:
	83	+	11 (1) affiliate;
	84	+	12 (2) officer;
	85	+	13 (3) agent; or
	86	+	14 (4) employee;
	87	+	15 of a person described in subsection (a).
	88	+	2025 IN 1614—LS 7734/DI 101 2
	89	+	1 Sec. 2. As used in this chapter, "bullion" has the meaning set
	90	+	2 forth in IC 26-2-11-1.
	91	+	3 Sec. 3. (a) As used in this chapter, "bullion depository" means
	92	+	4 an entity established to:
	93	+	5 (1) provide a secure location for the storage of bullion and
	94	+	6 specie;
	95	+	7 (2) receive and access deposits of bullion and specie;
	96	+	8 (3) permit the withdraw or transfer of bullion and specie; and
	97	+	9 (4) serve as custodian for and guardian of any bullion and
	98	+	10 specie transferred to the entity for deposit.
	99	+	11 (b) The term includes an entity described in subsection (a) that
	100	+	12 is established by any state of the United States.
	101	+	13 Sec. 4. As used in this chapter, "bullion depository account"
	102	+	14 means an account established with a bullion depository to facilitate
	103	+	15 the storage, transfer, and exchange of bullion.
	104	+	16 Sec. 5. As used in this chapter, "consumer" means:
	105	+	17 (1) a natural person whose principal residence is in Indiana;
	106	+	18 or
	107	+	19 (2) a person, other than a natural person, that is domiciled in
	108	+	20 Indiana.
	109	+	21 Sec. 6. As used in this chapter, "electronic currency" means a
	110	+	22 representation:
	111	+	23 (1) of actual:
	112	+	24 (A) precious metal;
	113	+	25 (B) specie; or
	114	+	26 (C) bullion;
	115	+	27 that is held in a bullion depository account and may be
	116	+	28 transferred by electronic instruction; and
	117	+	29 (2) that reflects the exact units, in fractional troy ounce
	118	+	30 measurement, of the physical precious metal, specie, or
	119	+	31 bullion in the bullion depository account.
	120	+	32 Sec. 7. As used in this chapter, "legal tender" has the meaning
	121	+	33 set forth in IC 26-2-11-4.
	122	+	34 Sec. 8. As used in this chapter, "person" means an individual, a
	123	+	35 corporation, a partnership, a company, an association, a trust, an
	124	+	36 estate, or a governmental entity.
	125	+	37 Sec. 9. As used in this chapter, "political subdivision" has the
	126	+	38 meaning set forth in IC 36-1-2-13.
	127	+	39 Sec. 10. As used in this chapter, "precious metal" has the
	128	+	40 meaning set forth in IC 26-2-11-5.
	129	+	41 Sec. 11. As used in this chapter, "security" means physical,
	130	+	42 online, and logical security standards that meet generally accepted
	131	+	2025 IN 1614—LS 7734/DI 101 3
	132	+	1 standards within the information assurance industry.
	133	+	2 Sec. 12. As used in this chapter, "specie" has the meaning set
	134	+	3 forth in IC 26-2-11-6.
	135	+	4 Sec. 13. As used in this chapter, "specie legal tender" has the
	136	+	5 meaning set forth in IC 26-2-11-7.
	137	+	6 Sec. 14. (a) The treasurer of state shall designate one (1) or more
	138	+	7 established bullion depositories to provide a secure location for the
	139	+	8 storage of bullion by consumers. A bullion depository designated
	140	+	9 under this section must have established processes and systems to
	141	+	10 facilitate the timely purchase, sale, deposit, withdrawal, and
	142	+	11 transfer of bullion, including:
	143	+	12 (1) processes and systems to enable physical deposits and
	144	+	13 withdrawals to and from each of the bullion depository's
	145	+	14 physical locations; and
	146	+	15 (2) electronic systems for the purchase and sale of bullion
	147	+	16 outside a physical location of the bullion depository.
	148	+	17 (b) The treasurer of state shall ensure that a bullion depository
	149	+	18 designated under this chapter has adopted and implemented
	150	+	19 security measures, that meet or exceed industry standards, to
	151	+	20 prevent theft, fraud, or other unauthorized access to, or removal
	152	+	21 of, bullion from the bullion depository.
	153	+	22 (c) A designated bullion depository shall maintain insurance
	154	+	23 coverage sufficient to cover the full value of all bullion stored at
	155	+	24 each physical location of the bullion depository. The insurance
	156	+	25 required by this subsection must be issued by an insurer that has
	157	+	26 an eligible rating (as defined in IC 28-8-4.1-201(9)) provided by an
	158	+	27 eligible rating service (as defined in IC 28-8-4.1-201(10)). The
	159	+	28 board for depositories created by IC 5-13-12-1 shall adopt
	160	+	29 guidelines to implement this subsection.
	161	+	30 Sec. 15. (a) Upon designating one (1) or more bullion
	162	+	31 depositories under section 14 of this chapter, the treasurer of state
	163	+	32 shall engage an administrator to oversee transactional and
	164	+	33 administrative procedures on behalf consumers holding bullion
	165	+	34 deposit accounts in a designated bullion depository. The
	166	+	35 administrator engaged under this subsection must have established
	167	+	36 processes and systems to facilitate the use of an electronic currency
	168	+	37 by consumers holding bullion deposit accounts in a designated
	169	+	38 bullion depository, in accordance with section 17 of this chapter.
	170	+	39 (b) The administrator, including any person described in section
	171	+	40 1(b) of this chapter, engaged by the treasurer of state under this
	172	+	41 section:
	173	+	42 (1) may not have a financial interest in any person that
	174	+	2025 IN 1614—LS 7734/DI 101 4
	175	+	1 produces, sells, or manages bullion; and
	176	+	2 (2) shall disclose any:
	177	+	3 (A) financial interest described in subdivision (1); or
	178	+	4 (B) other conflict of interest or potential conflict of
	179	+	5 interest;
	180	+	6 that exists or arises at any time before or after the
	181	+	7 administrator's engagement under this section. If the financial
	182	+	8 interest or other conflict of interest arises at any time after the
	183	+	9 administrator's engagement under this section, the
	184	+	10 administrator shall disclose the interest or conflict of interest
	185	+	11 immediately upon discovering the interest or conflict of
	186	+	12 interest.
	187	+	13 (c) The treasurer of state shall periodically review, in the
	188	+	14 manner and according to a schedule prescribed by the treasurer of
	189	+	15 state in guidelines adopted under section 22 of this chapter, the
	190	+	16 management and administrative services provided by the
	191	+	17 administrator to ensure that those services are adequate and that
	192	+	18 any fees or other amounts charged for those services are consistent
	193	+	19 with market rates.
	194	+	20 Sec. 16. (a) A consumer may establish a bullion depository
	195	+	21 account with a bullion depository designated under this chapter by
	196	+	22 entering into a depository agreement with the bullion depository.
	197	+	23 (b) The holder of a bullion depository account established under
	198	+	24 subsection (a) may purchase, sell, deposit, or withdraw bullion
	199	+	25 through the holder's bullion depository account in accordance with
	200	+	26 the terms of the holder's depository agreement with the bullion
	201	+	27 depository.
	202	+	28 Sec. 17. (a) The administrator engaged by the treasurer of state
	203	+	29 under section 15 of this chapter must have established processes
	204	+	30 and systems to facilitate the use of an electronic currency by
	205	+	31 consumers holding bullion deposit accounts in a designated bullion
	206	+	32 depository. The administrator's established processes and systems
	207	+	33 must enable a person who holds an electronic currency to do the
	208	+	34 following:
	209	+	35 (1) Readily transfer or assign the electronic currency to any
	210	+	36 other person by electronic means, including in a retail
	211	+	37 transaction for the sale or lease of goods or services.
	212	+	38 (2) Purchase any number of units of the electronic currency
	213	+	39 from a designated bullion depository.
	214	+	40 (3) Deposit specie legal tender or other designated bullion
	215	+	41 with:
	216	+	42 (A) the administrator; or
	217	+	2025 IN 1614—LS 7734/DI 101 5
	218	+	1 (B) a designated bullion depository;
	219	+	2 in exchange for units of the electronic currency.
	220	+	3 (4) Present to:
	221	+	4 (A) the administrator; or
	222	+	5 (B) a designated bullion depository;
	223	+	6 any number of units of the electronic currency in exchange for
	224	+	7 legal tender, other than legal tender backing the electronic
	225	+	8 currency.
	226	+	9 (5) Surrender to:
	227	+	10 (A) the administrator; or
	228	+	11 (B) a designated bullion depository;
	229	+	12 for redemption, any number of units of the electronic
	230	+	13 currency in exchange for an equal amount of specie legal
	231	+	14 tender or other designated bullion backing the surrendered
	232	+	15 electronic currency, with any fractional remainders paid in
	233	+	16 other legal tender as necessary to facilitate the transaction.
	234	+	17 As set forth IC 6-2.5-5-47, a transaction described in subdivisions
	235	+	18 (2) through (5) is not subject to the state gross retail tax. A
	236	+	19 transaction described in subdivision (1) and involving a transaction
	237	+	20 for the retail sale or lease of goods and services is subject to the
	238	+	21 state gross retail tax, except for a transaction for the retail sale or
	239	+	22 lease of goods and services described in IC 6-2.5-5-47(b).
	240	+	23 (b) At the time of each transaction involving the issuance or
	241	+	24 redemption of electronic currency, the administrator shall
	242	+	25 determine the value of a unit of the electronic currency in legal
	243	+	26 tender, other than specie legal tender, based on market price. The
	244	+	27 administrator shall publish, and the treasurer of state shall make
	245	+	28 available on the treasurer of state's website, online exchange rates
	246	+	29 in legal tender, other than specie legal tender, for any specie legal
	247	+	30 tender or other bullion products that are accepted in a designated
	248	+	31 bullion depository.
	249	+	32 (c) In guidelines adopted under section 22 of this chapter, the
	250	+	33 treasurer of state may authorize the establishment of a transaction
	251	+	34 fee to be assessed upon:
	252	+	35 (1) the transfer or assignment of electronic currency between
	253	+	36 persons by electronic means, including in a retail transaction
	254	+	37 for the sale or lease of goods or services, as described in
	255	+	38 subsection (a)(1); or
	256	+	39 (2) a transaction described in subsection (a)(2) through (a)(5);
	257	+	40 to cover the expenses of the administrator in administering the use
	258	+	41 of an electronic currency under this chapter.
	259	+	42 Sec. 18. Notwithstanding any other law, including any law
	260	+	2025 IN 1614—LS 7734/DI 101 6
	261	+	1 regarding the requirements for designation as a public depository,
	262	+	2 or any law regarding the location of a principal office or branch of
	263	+	3 a public depository, a designated bullion depository is a depository
	264	+	4 for purposes of IC 5-13-8 and IC 5-13-9.5 and is eligible to receive
	265	+	5 public funds of:
	266	+	6 (1) the state; or
	267	+	7 (2) a political subdivision;
	268	+	8 on deposit. The state or a political subdivision, or any agency or
	269	+	9 instrumentality of the state or a political subdivision, may use a
	270	+	10 designated bullion depository for storing bullion. The treasurer of
	271	+	11 state may deposit a portion of state funds, in the form of bullion,
	272	+	12 into a bullion depository account in a designated bullion
	273	+	13 depository. A deposit made by the treasurer of state under this
	274	+	14 section is considered part of the state treasury. The state board of
	275	+	15 finance, under the authority set forth in IC 4-9.1-1-5, and in
	276	+	16 consultation with the board for depositories created by
	277	+	17 IC 5-13-12-1, shall adopt rules to implement this section.
	278	+	18 Sec. 19. (a) The treasurer of state shall ensure that each bullion
	279	+	19 depository designated under this chapter is audited by an
	280	+	20 independent third party auditor not later than thirty (30) days
	281	+	21 after the end of each state fiscal year. An audit performed under
	282	+	22 this section must:
	283	+	23 (1) verify the amount and value of bullion stored at each
	284	+	24 physical location of the bullion depository; and
	285	+	25 (2) inspect and evaluate the security measures in place at the
	286	+	26 bullion depository.
	287	+	27 (b) A third party auditor that performs an audit under this
	288	+	28 section must be an established provider of auditing services with
	289	+	29 credentials specified by the treasurer of state in guidelines adopted
	290	+	30 under section 22 of this chapter.
	291	+	31 (c) A third party auditor that performs an audit under this
	292	+	32 section shall prepare and submit to the treasurer of state a report
	293	+	33 of the audit, in the form and manner prescribed by the treasurer
	294	+	34 of state in guidelines adopted under section 22 of this chapter. A
	295	+	35 report under this subsection must document, at a minimum:
	296	+	36 (1) a total of the assessed amounts of precious metals on
	297	+	37 deposit with the designated bullion depository; and
	298	+	38 (2) any discrepancies between:
	299	+	39 (A) the records maintained by the bullion depository; and
	300	+	40 (B) the findings of the third party auditor;
	301	+	41 with respect to any aspect of the operations of, or the security
	302	+	42 measures in place at, the bullion depository.
	303	+	2025 IN 1614—LS 7734/DI 101 7
	304	+	1 An audit report prepared under this subsection is a public record
	305	+	2 that is open to inspection and copying under IC 5-14-3-3. However,
	306	+	3 the third party auditor that prepares the report shall not include
	307	+	4 in the report any information that identifies a holder of a bullion
	308	+	5 depository account with the designated bullion depository, other
	309	+	6 than with respect to a bullion depository account held by the state
	310	+	7 or a political subdivision.
	311	+	8 Sec. 20. Not later than November 1 of each year, the treasurer
	312	+	9 of state shall submit to the executive director of the legislative
	313	+	10 services agency for distribution to the members of the general
	314	+	11 assembly a report concerning the operations and financial status
	315	+	12 of each bullion depository designated under this chapter. The
	316	+	13 report submitted to the executive director of the legislative services
	317	+	14 agency under this subsection must be in an electronic format under
	318	+	15 IC 5-14-6.
	319	+	16 Sec. 21. (a) Subject to subsection (b), the treasurer of state has
	320	+	17 all powers necessary and appropriate to implement and administer
	321	+	18 this chapter, including the power to make and execute contracts
	322	+	19 with public or private entities.
	323	+	20 (b) A contract described in subsection (a) is subject to review by
	324	+	21 the budget committee.
	325	+	22 Sec. 22. (a) The treasurer of state, in consultation with the
	326	+	23 department of financial institutions, shall adopt guidelines for the
	327	+	24 implementation and administration of the provisions of this
	328	+	25 chapter.
	329	+	26 (b) The treasurer of state shall adopt guidelines under this
	330	+	27 section, designate one (1) or more bullion depositories under
	331	+	28 section 14 of this chapter, and engage an administrator under
	332	+	29 section 15 of this chapter not later than such time as will enable
	333	+	30 consumers to:
	334	+	31 (1) establish a bullion depository account with a designated
	335	+	32 bullion depository;
	336	+	33 (2) make deposits to and withdrawals from established bullion
	337	+	34 depository accounts;
	338	+	35 (3) use an electronic currency to conduct transactions
	339	+	36 described in section 17 of this chapter; and
	340	+	37 (4) otherwise conduct business with and through a designated
	341	+	38 bullion depository and the administrator;
	342	+	39 not later than December 31, 2026.
	343	+	40 (c) Not later than June 30, 2026, the treasurer of state shall
	344	+	41 submit to the general assembly a report describing the treasurer of
	345	+	42 state's progress in designating one or more depositories under
	346	+	2025 IN 1614—LS 7734/DI 101 8
	347	+	1 section 14 of this chapter, engaging an administrator under section
	348	+	2 15 of this chapter, and otherwise implementing this chapter. The
	349	+	3 report must include the following:
	350	+	4 (1) An identification of each depository or administrator
	351	+	5 under consideration;
	352	+	6 (2) Information describing the:
	353	+	7 (A) credentials;
	354	+	8 (B) time in business;
	355	+	9 (C) available services;
	356	+	10 (D) fee structures or contractual costs for the state; and
	357	+	11 (E) transactional fees charged to consumers;
	358	+	12 associated with each administrator under consideration.
	359	+	13 (3) Information identifying the:
	360	+	14 (A) chartering institution or government;
	361	+	15 (B) principal place of business and other physical
	362	+	16 locations;
	363	+	17 (C) date of establishment;
	364	+	18 (D) available products and services; and
	365	+	19 (E) account and transactions fees;
	366	+	20 associated with each bullion depository under consideration. The
	367	+	21 treasurer of state shall submit the report in electronic format
	368	+	22 under IC 5-14-6 to the executive director of the legislative services
	369	+	23 agency for distribution to the members of the general assembly.
	370	+	24 This subsection expires January 1, 2027.
	371	+	25 SECTION 2. IC 6-1.1-2-7, AS AMENDED BY P.L.234-2019,
	372	+	26 SECTION 1, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
	373	+	27 JULY 1, 2025]: Sec. 7. (a) As used in this section, "nonbusiness
	374	+	28 personal property" means personal property that is not:
	375	+	29 (1) held for sale in the ordinary course of a trade or business;
	376	+	30 (2) held, used, or consumed in connection with the production of
	377	+	31 income; or
	378	+	32 (3) held as an investment.
	379	+	33 (b) The following property is not subject to assessment and taxation
	380	+	34 under this article:
	381	+	35 (1) A commercial vessel that is subject to the net tonnage tax
	382	+	36 imposed under IC 6-6-6.
	383	+	37 (2) A vehicle that is subject to the vehicle excise tax imposed
	384	+	38 under IC 6-6-5.
	385	+	39 (3) A motorized boat or sailboat that is subject to the boat excise
	386	+	40 tax imposed under IC 6-6-11.
	387	+	41 (4) Property used by a cemetery (as defined in IC 23-14-33-7) if
	388	+	42 the cemetery:
	389	+	2025 IN 1614—LS 7734/DI 101 9
	390	+	1 (A) does not have a board of directors, board of trustees, or
	391	+	2 other governing authority other than the state or a political
	392	+	3 subdivision; and
	393	+	4 (B) has had no business transaction during the preceding
	394	+	5 calendar year.
	395	+	6 (5) A commercial vehicle that is subject to the annual excise tax
	396	+	7 imposed under IC 6-6-5.5.
	397	+	8 (6) Inventory.
	398	+	9 (7) A recreational vehicle or truck camper that is subject to the
	399	+	10 annual excise tax imposed under IC 6-6-5.1.
	400	+	11 (8) The following types of nonbusiness personal property:
	401	+	12 (A) All-terrain vehicles.
	402	+	13 (B) Snowmobiles.
	403	+	14 (C) Rowboats, canoes, kayaks, and other human powered
	404	+	15 boats.
	405	+	16 (D) Invalid chairs.
	406	+	17 (E) Yard and garden tractors.
	407	+	18 (F) Trailers that are not subject to an excise tax under:
	408	+	19 (i) IC 6-6-5;
	409	+	20 (ii) IC 6-6-5.1; or
	410	+	21 (iii) IC 6-6-5.5.
	411	+	22 (9) For an assessment date after December 31, 2018, heavy rental
	412	+	23 equipment (as defined in IC 6-6-15-2) that is rented or held for
	413	+	24 rental or sale, the rental of which is or would be subject to the
	414	+	25 heavy equipment rental excise tax provisions under IC 6-6-15;
	415	+	26 provided, however, that a rentee that is exempt under
	416	+	27 IC 6-6-15-4(a)(3) from such excise tax shall be subject to the
	417	+	28 provisions of this article on such equipment.
	418	+	29 (10) For an assessment date after December 31, 2025, bullion
	419	+	30 (as defined in IC 26-2-11-1).
	420	+	31 SECTION 3. IC 6-2.5-5-47, AS AMENDED BY P.L.239-2017,
	421	+	32 SECTION 9, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
	422	+	33 JULY 1, 2025]: Sec. 47. (a) As used in this section, "legal tender":
	423	+	34 (1) has the meaning set forth in IC 26-2-11-4; and
	424	+	35 (2) includes:
	425	+	36 (A) specie legal tender (as defined in IC 26-2-11-7); and
	426	+	37 (B) electronic currency (as defined in IC 4-8.1-3-6).
	427	+	38 (b) Transactions involving the sale of or the lease or rental of
	428	+	39 storage for:
	429	+	40 (1) coins that are permitted investments by an individual
	430	+	41 retirement account or by an individually-directed account under
	431	+	42 26 U.S.C. 408(m);
	432	+	2025 IN 1614—LS 7734/DI 101 10
	433	+	1 (2) bullion that would be a permitted investment by an individual
105	434		2 retirement account or by an individually-directed account under
106		-	3 26 U.S.C. 408(m);
107		-	4 (2) bullion that would be a permitted investment by an individual
108		-	5 retirement account or by an individually-directed account under
109		-	6 26 U.S.C. 408(m) if the bullion was in the physical possession of
110		-	7 a trustee; (as defined in IC 26-2-11-1); or
111		-	8 (3) legal tender;
112		-	9 are exempt from the state gross retail tax.
113		-	10 (c) The exchange of one (1) type or form of legal tender for
114		-	11 another type or form of legal tender is exempt from the state gross
115		-	12 retail tax. However, a transaction involving the sale or lease of
116		-	13 goods and services, other than a sale or lease of goods and services
117		-	14 that is exempt from the state gross retail tax under subsection (b)
118		-	15 or any other law, is subject to the gross retail tax regardless of the
119		-	16 form of legal tender used, including legal tender described in
120		-	17 subsection (a)(2).
121		-	18 SECTION 3. IC 26-2-11 IS ADDED TO THE INDIANA CODE AS
122		-	19 A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE JULY
123		-	20 1, 2025]:
124		-	21 Chapter 11. Gold and Silver as Legal Tender
125		-	22 Sec. 1. As used in this chapter, "bullion" means refined precious
126		-	23 metal, in any shape or form (including coins, rounds, bars, ingots,
127		-	24 or other products) that is:
128		-	25 (1) of uniform content and purity;
129		-	26 (2) stamped or imprinted with the weight and purity of the
130		-	27 precious metal; and
131		-	28 (3) valued primarily based on its metal content and not on its
132		-	29 form and function.
133		-	30 Sec. 2. As used in this chapter, "electronic currency" means a
134		-	31 representation:
135		-	32 (1) of actual:
136		-	33 (A) precious metal;
137		-	34 (B) specie; or
138		-	35 (C) bullion;
139		-	36 that may be transferred by electronic instruction; and
140		-	37 (2) that reflects the exact units, in fractional troy ounce
141		-	38 measurement, of the physical:
142		-	39 (A) precious metal;
143		-	40 (B) specie; or
144		-	41 (C) bullion;
145		-	42 that is represented.
146		-	HB 1614—LS 7734/DI 101 4
147		-	1 Sec. 3. As used in this chapter, "final nonappealable judgment"
148		-	2 means a final judgment with respect to which:
149		-	3 (1) the time for filing an appeal has expired;
150		-	4 (2) all appeals have been exhausted; or
151		-	5 (3) both subdivisions (1) and (2) apply.
152		-	6 Sec. 4. As used in this chapter, "legal tender" means a
153		-	7 recognized medium of exchange for the payment of debts, public
154		-	8 charges, taxes, or dues.
155		-	9 Sec. 5. As used in this chapter, "precious metal" means gold or
156		-	10 silver.
157		-	11 Sec. 6. As used in this chapter, "specie" means bullion that is
158		-	12 fabricated into products that are:
159		-	13 (1) of uniform shape, size, design, content, weight, and purity;
160		-	14 and
161		-	15 (2) suitable for, or customarily used as:
162		-	16 (A) currency;
163		-	17 (B) a medium of exchange; or
164		-	18 (C) the medium for the purchase, sale, storage, transfer, or
165		-	19 delivery of precious metals in retail or wholesale
166		-	20 transactions.
167		-	21 Sec. 7. As used in this chapter, "specie legal tender" means
168		-	22 either of the following:
169		-	23 (1) Specie in the form of a coin issued by the United States
170		-	24 government at any time.
171		-	25 (2) Any other specie that a United States court, in a final
172		-	26 nonappealable judgment, determines to be within state
173		-	27 authority to make or designate as legal tender under Article
174		-	28 1, Section 10 of the Constitution of the United States.
175		-	29 Sec. 8. (a) The following specie are recognized as legal tender in
176		-	30 Indiana:
177		-	31 (1) Specie legal tender.
178		-	32 (2) Electronic currency.
179		-	33 (b) Specie legal tender or electronic currency may be recognized
180		-	34 to pay:
181		-	35 (1) private debts;
182		-	36 (2) taxes; and
183		-	37 (3) fees levied by the state or a political subdivision (as defined
184		-	38 in IC 36-1-2-13).
185		-	39 Sec. 9. (a) Except as otherwise specifically provided by law or
186		-	40 contract, a person may not compel any other person to:
187		-	41 (1) tender specie; or
188		-	42 (2) accept specie;
189		-	HB 1614—LS 7734/DI 101 5
190		-	1 as legal tender.
191		-	2 (b) In addition to any other available remedies, a prevailing
192		-	3 party in an action for breach of any contract provision that
193		-	4 expressly designates a type or form of specie as tender is entitled
194		-	5 to specific performance of the contract provision.
195		-	HB 1614—LS 7734/DI 101 6
196		-	COMMITTEE REPORT
197		-	Mr. Speaker: Your Committee on Financial Institutions, to which
198		-	was referred House Bill 1614, has had the same under consideration
199		-	and begs leave to report the same back to the House with the
200		-	recommendation that said bill be amended as follows:
201		-	Delete the title and insert the following:
202		-	A BILL FOR AN ACT to amend the Indiana Code concerning
203		-	commercial law.
204		-	Page 1, delete lines 1 through 15.
205		-	Delete pages 2 through 7.
206		-	Page 8, delete lines 1 through 24.
207		-	Page 9, line 37, delete "IC 4-8.1-3-6)." and insert "IC 26-2-11-2).".
208		-	Page 10, line 27, delete "has the" and insert "means a
209		-	representation:
210		-	(1) of actual:
211		-	(A) precious metal;
212		-	(B) specie; or
213		-	(C) bullion;
214		-	that may be transferred by electronic instruction; and
215		-	(2) that reflects the exact units, in fractional troy ounce
216		-	measurement, of the physical:
217		-	(A) precious metal;
218		-	(B) specie; or
219		-	(C) bullion;
220		-	that is represented.".
221		-	Page 10, delete line 28.
222		-	Renumber all SECTIONS consecutively.
223		-	and when so amended that said bill do pass.
224		-	(Reference is to HB 1614 as introduced.)
225		-	TESHKA
226		-	Committee Vote: yeas 12, nays 1.
227		-	HB 1614—LS 7734/DI 101
	435	+	3 26 U.S.C. 408(m) if the bullion was in the physical possession of
	436	+	4 a trustee; (as defined in IC 26-2-11-1); or
	437	+	5 (3) legal tender;
	438	+	6 are exempt from the state gross retail tax.
	439	+	7 (c) The exchange of one (1) type or form of legal tender for
	440	+	8 another type or form of legal tender is exempt from the state gross
	441	+	9 retail tax. However, a transaction involving the sale or lease of
	442	+	10 goods and services, other than a sale or lease of goods and services
	443	+	11 that is exempt from the state gross retail tax under subsection (b)
	444	+	12 or any other law, is subject to the gross retail tax regardless of the
	445	+	13 form of legal tender used, including legal tender described in
	446	+	14 subsection (a)(2).
	447	+	15 SECTION 4. IC 26-2-11 IS ADDED TO THE INDIANA CODE AS
	448	+	16 A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE JULY
	449	+	17 1, 2025]:
	450	+	18 Chapter 11. Gold and Silver as Legal Tender
	451	+	19 Sec. 1. As used in this chapter, "bullion" means refined precious
	452	+	20 metal, in any shape or form (including coins, rounds, bars, ingots,
	453	+	21 or other products) that is:
	454	+	22 (1) of uniform content and purity;
	455	+	23 (2) stamped or imprinted with the weight and purity of the
	456	+	24 precious metal; and
	457	+	25 (3) valued primarily based on its metal content and not on its
	458	+	26 form and function.
	459	+	27 Sec. 2. As used in this chapter, "electronic currency" has the
	460	+	28 meaning set forth in IC 4-8.1-3-6.
	461	+	29 Sec. 3. As used in this chapter, "final nonappealable judgment"
	462	+	30 means a final judgment with respect to which:
	463	+	31 (1) the time for filing an appeal has expired;
	464	+	32 (2) all appeals have been exhausted; or
	465	+	33 (3) both subdivisions (1) and (2) apply.
	466	+	34 Sec. 4. As used in this chapter, "legal tender" means a
	467	+	35 recognized medium of exchange for the payment of debts, public
	468	+	36 charges, taxes, or dues.
	469	+	37 Sec. 5. As used in this chapter, "precious metal" means gold or
	470	+	38 silver.
	471	+	39 Sec. 6. As used in this chapter, "specie" means bullion that is
	472	+	40 fabricated into products that are:
	473	+	41 (1) of uniform shape, size, design, content, weight, and purity;
	474	+	42 and
	475	+	2025 IN 1614—LS 7734/DI 101 11
	476	+	1 (2) suitable for, or customarily used as:
	477	+	2 (A) currency;
	478	+	3 (B) a medium of exchange; or
	479	+	4 (C) the medium for the purchase, sale, storage, transfer, or
	480	+	5 delivery of precious metals in retail or wholesale
	481	+	6 transactions.
	482	+	7 Sec. 7. As used in this chapter, "specie legal tender" means
	483	+	8 either of the following:
	484	+	9 (1) Specie in the form of a coin issued by the United States
	485	+	10 government at any time.
	486	+	11 (2) Any other specie that a United States court, in a final
	487	+	12 nonappealable judgment, determines to be within state
	488	+	13 authority to make or designate as legal tender under Article
	489	+	14 1, Section 10 of the Constitution of the United States.
	490	+	15 Sec. 8. (a) The following specie are recognized as legal tender in
	491	+	16 Indiana:
	492	+	17 (1) Specie legal tender.
	493	+	18 (2) Electronic currency.
	494	+	19 (b) Specie legal tender or electronic currency may be recognized
	495	+	20 to pay:
	496	+	21 (1) private debts;
	497	+	22 (2) taxes; and
	498	+	23 (3) fees levied by the state or a political subdivision (as defined
	499	+	24 in IC 36-1-2-13).
	500	+	25 Sec. 9. (a) Except as otherwise specifically provided by law or
	501	+	26 contract, a person may not compel any other person to:
	502	+	27 (1) tender specie; or
	503	+	28 (2) accept specie;
	504	+	29 as legal tender.
	505	+	30 (b) In addition to any other available remedies, a prevailing
	506	+	31 party in an action for breach of any contract provision that
	507	+	32 expressly designates a type or form of specie as tender is entitled
	508	+	33 to specific performance of the contract provision.
	509	+	2025 IN 1614—LS 7734/DI 101