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SENATE FLOOR VERSION
April 15, 2025
AS AMENDED
ENGROSSED HOUSE
BILL NO. 1197 By: Maynard, Hays, Adams,
Crosswhite Hader,
Hildebrant, Woolley,
Roberts, and Hall of the
House
and
Bullard, Jett, McIntosh,
Hamilton, Prieto, Grellner,
Deevers, Guthrie, Alvord,
Wingard, Burns, Sacchieri,
Stewart, Bergstrom,
Murdock, Standridge,
Pederson, Frix, and Boren
of the Senate
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 holde rs 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:
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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 Office of the State Treasurer 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 w ith a
bullion depository created by the Office of the State Treasur er 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 Office
of the State Treasurer shall:
1. Provide procedures for the sharing of account information
between the depository and the State Treasurer upon consent of the
account holder; and
2. Develop a fee structure for both the depos itory and the
Treasurer, to be paid by the account holder, to utili ze 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 issued by the State
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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 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.
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 implement the
provisions of this act.
SECTION 3. This act shall become effective November 1, 2025.
COMMITTEE REPORT BY: COMMITTEE ON RETIREMENT AND GOVERNMENT
RESOURCES
April 15, 2025 - DO PASS AS AMENDED