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STATE OF OKLAHOMA
1st Session of the 60th Legislature (2025)
COMMITTEE SUBSTITUTE
FOR
HOUSE BILL NO. 1197 By: Maynard
COMMITTEE SUBSTITUTE
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 le gal
tender; authorizing account holders issued a
transaction card to make transactions debited against
the value of deposits; authorizing the promulgation
of rules; providing for codification; and providing
an effective date.
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 or a third-party vendor contracted by
the Treasurer's office, shall be authorized to issue a transaction
card to United States citizens with the ability to make purchases
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that are debited from the balance of deposits with a bullion
depository created by the Treasurer’s office or contracted 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 follo ws:
A. Deposits of gold and silver in the bullion depository and
transactions made using the transaction card issued by the State
Treasurer shall be considered legal tender, pursuant to the
authority vested upon this state in Section 10 of Article I of th e
United States Constitution. Deposits of gold and silver in the
bullion depository shall not be considered 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.
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B. Account holders issued a transaction card may make
transactions debited against the value of gold and silver deposits
in the bullion depository.
C. The Treasurer may promulgate rules to imple ment the
provisions of this act.
SECTION 3. This act shall become effective November 1, 2025.
60-1-12932 MJ 02/25/25