Oklahoma 2025 Regular Session

Oklahoma House Bill HB1197 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	SENATE FLOOR VERSION - HB1197 SFLR Page 1
4		-	(Bold face denotes Committee Amendments) 1
	3	+	ENGR. H. B. NO. 1197 Page 1 1
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29		-	SENATE FLOOR VERSION
30		-	April 15, 2025
31		-	AS AMENDED
32		-
33	28		ENGROSSED HOUSE
34	29		BILL NO. 1197 By: Maynard, Hays, Adams,
35	30		Crosswhite Hader,
36	31		Hildebrant, Woolley,
37	32		Roberts, and Hall of the
38	33		House
39	34
40	35		and
41	36
42		-	Bullard, Jett, McIntosh,
43		-	Hamilton, Prieto, Grellner,
44		-	Deevers, Guthrie, Alvord,
45		-	Wingard, Burns, Sacchieri,
46		-	Stewart, Bergstrom,
47		-	Murdock, Standridge,
48		-	Pederson, Frix, and Boren
	37	+	Bullard, Jett, and McIntosh
49	38		of the Senate
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55		-	An Act relating to the State Treasurer; authorizing
56		-	the Treasurer to create, operate, or contract for the
57		-	operation of a depository and issue certain
58		-	transaction cards; requiring the Treasurer to provide
59		-	certain procedures and develop fee structure upon
60		-	certain circumstance; stipulating certain deposits
61		-	and transactions be considered the exchange of legal
62		-	tender; authorizing account holde rs issued a
63		-	transaction card to make transactions debited against
64		-	the value of deposits; authorizing the promulgation
65		-	of rules; providing for codification; and providing
66		-	an effective date.
	44	+
	45	+
	46	+	[ State Treasurer - depository - transaction cards -
	47	+	procedures - fee structure - deposits and
	48	+	transactions - exchange of legal tender - account
	49	+	holders – rules – codification - effective date ]
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71	54		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
	55	+	SECTION 1. NEW LAW A new section of law to be co dified
	56	+	in the Oklahoma Statutes as Section 70 of Title 62, unless there is
	57	+	created a duplication in numbering, reads as follows:
	58	+	A. The State Treasurer or a third -party vendor contracted by
	59	+	the Office of the State Treasurer shall be authorized to issue a
	60	+	transaction card to United States citizens with the ability to make
	61	+	purchases that are debited from the balance of deposits with a
	62	+	bullion depository created by the Office of the State Treasurer or
72	63
73		-	SENATE FLOOR VERSION - HB1197 SFLR Page 2
74		-	(Bold face denotes Committee Amendments) 1
	64	+	ENGR. H. B. NO. 1197 Page 2 1
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99		-	SECTION 1. NEW LAW A new section of law to be codified
100		-	in the Oklahoma Statutes as Section 70 of Title 62, unless there is
101		-	created a duplication in numbering, reads as follows:
102		-	A. The State Treasurer or a third -party vendor contracted by
103		-	the Office of the State Treasurer shall be authorized to issue a
104		-	transaction card to United States citizens with the ability to make
105		-	purchases that are debited from the balance of deposits w ith a
106		-	bullion depository created by the Office of the State Treasur er or
107	89		contracted with other public or private entities operating a bullion
108	90		depository.
109	91		B. Upon the creation of a depository or a contractual agreement
110	92		with an entity pursuant to subsection A of this section, the Office
111	93		of the State Treasurer shall:
112	94		1. Provide procedures for the sharing of account information
113	95		between the depository and the State Treasurer upon consent of the
114	96		account holder; and
115	97		2. Develop a fee structure for both the depository and the
116	98		Treasurer, to be paid by the account holder, to utilize the service
117	99		provided by a bullion depository.
118	100		SECTION 2. NEW LAW A new section of law to be codified
119	101		in the Oklahoma Statutes as Section 70.1 of Title 62, unless there
120	102		is created a duplication in numbering, reads as follows:
121	103		A. Deposits of gold and silver in the bullion depository and
122	104		transactions made using the transaction card issued by the State
	105	+	Treasurer shall be considered legal tender, pursuant to the
	106	+	authority vested upon this state in Section 10 of Article I of the
	107	+	United States Constitution. Deposits of gold and silver in the
	108	+	bullion depository shall not be considered a commodity. The
	109	+	transfer, buying, or selling of gold and silver held in the
	110	+	depository for transactions shall not be considered an exchange of a
	111	+	commodity, and shall be considered an exchange of currency.
123	112
124		-	SENATE FLOOR VERSION - HB1197 SFLR Page 3
125		-	(Bold face denotes Committee Amendments) 1
	113	+	ENGR. H. B. NO. 1197 Page 3 1
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150		-	Treasurer shall be considered legal tender, pursuant to the
151		-	authority vested upon this state in Section 10 of Article I of the
152		-	United States Constitution. Deposits of gold and silver in the
153		-	bullion depository shall not be considered a commodity. The
154		-	transfer, buying, or selling of gold and silver held in the
155		-	depository for transactions shall not be considered an exchange of a
156		-	commodity, and shall be considered an exchange of currency.
157	138		B. Account holders issued a transaction card may make
158	139		transactions debited against the value of gold and silver deposits
159	140		in the bullion depository.
160	141		C. The Treasurer may promulgate rules to implement the
161	142		provisions of this act.
162	143		SECTION 3. This act shall become effective November 1, 2025.
163		-	COMMITTEE REPORT BY: COMMITTEE ON RETIREMENT AND GOVERNMENT
164		-	RESOURCES
165		-	April 15, 2025 - DO PASS AS AMENDED
	144	+	Passed the House of Representatives the 24th day of March, 2025.
	145	+
	146	+
	147	+
	148	+
	149	+	Presiding Officer of the House
	150	+	of Representatives
	151	+
	152	+
	153	+
	154	+	Passed the Senate the _____ day of __________, 2025.
	155	+
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	157	+
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	159	+	Presiding Officer of the Senate
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