Tennessee 2025-2026 Regular Session

Tennessee House Bill HB0440 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2	SENATE BILL 167
3	3	By Bailey
4	4
5	5	HOUSE BILL 440
6	6	By Hulsey
7	7
8	8
9	9	HB0440
10	10	001339
11	11	- 1 -
12	12
13	13	AN ACT to amend Tennessee Code Annotated, Title 9,
14	14	Chapter 4, relative to a facility to produce a wide
15	15	range of precious metal products.
16	16
17	17	WHEREAS, Governor Bill Lee signed House Bill 1479 / Senate Bill 519 (Chapter 69 of
18	18	the Public Acts of 2023), which was enacted by the 113
19	19	th
20	20	General Assembly, allowing the state
21	21	treasurer to purchase and sell physical gold and precious metal bullion; and
22	22	WHEREAS, it is in the interest of the State to enable residents and interested parties to
23	23	purchase, securely and reliably, gold and precious metal bullion; and
24	24	WHEREAS, gold and precious metal bullion offered for sale by the State must be
25	25	securely controlled and identifiable as originating from the State; now, therefore,
26	26	BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
27	27	SECTION 1. Tennessee Code Annotated, Section 9-4-801, is amended by adding the
28	28	following as new, appropriately numbered subdivisions:
29	29	( ) "Covered activity" means:
30	30	(A) Making capital improvements, including construction, reconstruction,
31	31	and nonroutine maintenance of a structure, infrastructure, or improvement
32	32	relating to the operation of, or access to, a facility to produce bullion products in
33	33	uniform shapes, including, but not limited to, rounds, bars, and commemorative
34	34	pieces with unique designs, shapes, and finishes that appeal to collectors and
35	35	investors;
36	36	(B) Receiving orders from the state for the production of such bullion
37	37	products and shipping them to locations designated by the state treasurer in a
38	38	state depository; and
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40	40
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42	42
43	43	(C) Another activity necessary to operate or maintain the facility of an
44	44	eligible entity;
45	45	( ) "Eligible entity" means an entity with:
46	46	(A) Previous or current contracts with the federal government and other
47	47	governmental entities to produce coinage products in uniform shapes to be
48	48	stamped by the respective governments into official coin products;
49	49	(B) A written comprehensive plan to build all facilities necessary for
50	50	operation of the Tennessee Mint that complies with the requirements of § 9-4-
51	51	803; and
52	52	(C) United States domicile and ownership, operating for over fifty (50)
53	53	years as a manufacturer, with not less than forty (40) of such years
54	54	manufacturing coinage products in uniform shape for coin products;
55	55	( ) "State depository" has the same meaning as defined in § 9-4-107; and
56	56	( ) "State mint" or "Tennessee Mint" means a facility that is designated by a
57	57	contractual agreement between an eligible entity with the state treasurer pursuant to § 9-
58	58	4-803 to securely produce, store, process, and ship bullion products for the state's
59	59	depository;
60	60	SECTION 2. Tennessee Code Annotated, Title 9, Chapter 4, Part 8, is amended by
61	61	adding the following language as a new section:
62	62	9-4-803.
63	63	Pursuant to the procurement requirements and process required in title 12,
64	64	chapter 4, relating to public contracts, and subject to appropriation, the state treasurer
65	65	shall:
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70	70	(1) Enter into an agreement with an eligible entity to carry out covered
71	71	activities in order to serve as the state mint and upon completion of such covered
72	72	activities, designating it as the state mint; and
73	73	(2) Promulgate rules to effectuate the operations of the state mint
74	74	established in this section. The rules must be promulgated in accordance with
75	75	the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.
76	76	SECTION 3. If any provision of this act or its application to any person or circumstance
77	77	is held invalid, then the invalidity does not affect other provisions or applications of the act that
78	78	can be given effect without the invalid provision or application, and to that end, the provisions of
79	79	this act are severable.
80	80	SECTION 4. This act takes effect July 1, 2025, the public welfare requiring it.