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HOUSE OF REPRESENTATIVES - FLOOR VERSION
STATE OF OKLAHOMA
1st Session of the 60th Legislature (2025)
COMMITTEE SUBSTITUTE
FOR
HOUSE BILL NO. 1197 By: Maynard, Hays, Adams,
Crosswhite Hader, and
Hildebrant of the House
and
Bullard and Jett of the
Senate
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 legal
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:
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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
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 follows:
A. Deposits of gold and silver in the bullion depository and
transactions made using the transaction card issue d by the State
Treasurer shall be considered legal tender, pursuant 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 considered a commo dity. The
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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.
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 promulgat e rules to implement the
provisions of this act.
SECTION 3. This act shall become effective November 1, 2025.
COMMITTEE REPORT BY: COMMITTEE ON GOVERNMENT OVERSIGHT, dated
02/26/2025 - DO PASS, As Amended and Coauthored.