Req. No. 10188 Page 1 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
STATE OF OKLAHOMA
1st Session of the 60th Legislature (2025)
HOUSE BILL 1197 By: Maynard
AS INTRODUCED
An Act relating to the State Treasurer; authorizing
the Treasurer to create, operate, or contract for the
operation of a depository and issue certain
transaction cards; requiring the Treasurer to provide
certain procedures and develop fee structure upon
certain circumstance; stipulating certain deposits
and transactions be considered the exchange of legal
tender; authorizing account holder s issued a
transaction card to make transactions debited against
the value of deposits; authorizing the promulgation
of rules; providing for codification; and providing
an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 70 of Title 62, unless there is
created a duplication in numbering, reads as follows:
A. The State Treasurer shall be authorized to issue a
transaction card to citizens of this state with the ability to make
purchases that are debited from the balance of deposits with a
bullion depository created by the Treasurer’s office or contracted
Req. No. 10188 Page 2 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
with other public or private entities operating a bullion
depository.
B. Upon the creation of a depository or a contractual agreement
with an entity pursuant to subsection A of this section, the
Treasurer’s office shall:
1. Provide procedures for the sharing of account information
between the depository and the Treasurer upon consent of the account
holder; and
2. Develop a fee structure for both the depository and the
Treasurer, to be paid by the account holder, to utilize the service
provided by a bullion depository.
SECTION 2. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 70.1 of Title 62, unless there
is created a duplication in numbering, reads as follows:
A. Deposits of gold and silver in the bullion depository and
transactions made using the transa ction card issued by the State
Treasurer shall be considered legal tender, pur suant to the
authority vested upon this state in Section 10 of Article I of the
United States Constitution. Deposits of gold and silver in the
bullion depository shall not be co nsidered a commodity. The
transfer, buying, or selling of gold and silver held in the
depository for transactions shall not be considered an exchange of a
commodity, and shall be considered an exchange of currency.
Req. No. 10188 Page 3 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
B. Account holders issued a transaction card may make
transactions debited against the value of gold and silver depos its
in the bullion depository.
C. The Treasurer may promulgate rules to implement the
provisions of this act.
SECTION 3. This act shall become effective Novembe r 1, 2025.
60-1-10188 MAH 12/30/24