Texas 2025 - 89th Regular

Texas House Bill HB1049 Compare Versions

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

Old	New	Differences
1	1	89R1098 KJE-D
2	2	By: Dorazio H.B. No. 1049
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7	7	A BILL TO BE ENTITLED
8	8	AN ACT
9	9	relating to the issuance of gold and silver specie and the
10	10	establishment of a currency based on gold and silver; authorizing a
11	11	fee.
12	12	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
13	13	SECTION 1. Subtitle A, Title 4, Government Code, is amended
14	14	by adding Chapter 404A to read as follows:
15	15	CHAPTER 404A. GOLD AND SILVER CURRENCY
16	16	SUBCHAPTER A. GENERAL PROVISIONS
17	17	Sec. 404A.0001. DEFINITIONS. In this chapter:
18	18	(1) "Bullion" and "specie" have the meanings assigned
19	19	by Section 2116.001.
20	20	(2) "Gold and silver currency" means the
21	21	representation of gold and silver specie and bullion held in the
22	22	pooled depository account as established under this chapter.
23	23	(3) "Pooled depository account" means the account
24	24	established in the Texas Bullion Depository under Section
25	25	404A.0052.
26	26	Sec. 404A.0002. RULES. The comptroller may adopt rules as
27	27	necessary or convenient to implement this chapter, including rules
28	28	to:
29	29	(1) ensure the security of gold or silver specie or
30	30	bullion, gold and silver currency, transactions, and related data;
31	31	(2) prevent fraud; and
32	32	(3) prohibit transactions involving foreign countries
33	33	or entities known to engage in illegal or terroristic activities.
34	34	SUBCHAPTER B. ESTABLISHMENT AND ADMINISTRATION OF GOLD AND SILVER
35	35	SPECIE AND CURRENCY
36	36	Sec. 404A.0051. ESTABLISHMENT. (a) As authorized by
37	37	Section 10, Article I, United States Constitution, to the extent
38	38	the comptroller determines practicable, the comptroller shall:
39	39	(1) establish and provide for the issuance of gold and
40	40	silver specie; and
41	41	(2) establish and issue a currency based on gold and
42	42	silver that represents a particular fraction of a troy ounce of gold
43	43	or silver, as applicable, held in trust as provided by this chapter.
44	44	(b) The comptroller may contract with a private vendor to
45	45	establish the gold and silver currency under Subsection (a)(2) or
46	46	perform other duties under this chapter. To the extent consistent
47	47	with state and federal law, in contracting with a private vendor
48	48	under this subsection the comptroller shall give preference to a
49	49	vendor whose principal place of business is in this state. The
50	50	contract may provide for the vendor to pay the initial costs
51	51	associated with establishing the currency and be reimbursed from
52	52	fees collected under this chapter.
53	53	(c) In establishing gold and silver specie under Subsection
54	54	(a)(1), the comptroller shall:
55	55	(1) authorize the Texas Bullion Depository as this
56	56	state's exclusive issuer; and
57	57	(2) ensure that the holder of the specie may:
58	58	(A) use the specie as legal tender in payment of
59	59	debt; and
60	60	(B) readily transfer the specie to another
61	61	person.
62	62	(d) In establishing the gold and silver currency under
63	63	Subsection (a)(2), the comptroller shall provide a means to ensure
64	64	that a person who holds the currency may:
65	65	(1) use the currency as legal tender in payment of
66	66	debt; and
67	67	(2) by electronic means readily transfer or assign the
68	68	currency to another person.
69	69	Sec. 404A.0052. BULLION DEPOSITORY ACCOUNT. (a) The
70	70	comptroller, serving as trustee, or another person the comptroller
71	71	appoints to serve as trustee, shall hold in trust on behalf of gold
72	72	and silver currency holders all gold and silver specie and bullion
73	73	owned or purchased for the purposes of issuing the currency. The
74	74	trustee shall maintain enough gold and silver specie or bullion to
75	75	provide for the redemption of all units of the currency issued but
76	76	not redeemed.
77	77	(b) The trustee shall establish a pooled depository account
78	78	in the Texas Bullion Depository to hold in trust as trustee on
79	79	behalf of gold and silver currency holders all gold and silver
80	80	specie and bullion owned and allocated or purchased for purposes of
81	81	issuing the currency.
82	82	Sec. 404A.0053. ISSUANCE OF GOLD AND SILVER CURRENCY. (a)
83	83	The comptroller may issue to a person the appropriate number of
84	84	units and fractional units of gold and silver currency when the
85	85	person, together with any fee charged under Section 404A.0058:
86	86	(1) makes the appropriate payment to the comptroller
87	87	for the comptroller to purchase gold or silver specie or bullion for
88	88	the pooled depository account to be represented by the currency; or
89	89	(2) designates gold or silver specie or bullion held
90	90	in a depository account with the Texas Bullion Depository to be
91	91	transferred to the pooled depository account for the purpose of
92	92	being represented by the currency.
93	93	(b) On receiving payment under Subsection (a)(1), the
94	94	comptroller shall:
95	95	(1) using the money received, purchase gold or silver
96	96	specie or bullion in the number of fractional troy ounces equal to
97	97	the number of units or fractional units of gold and silver currency
98	98	to be issued to the person under Subsection (a);
99	99	(2) deposit for the person the gold or silver specie or
100	100	bullion purchased under Subdivision (1) into the pooled depository
101	101	account; and
102	102	(3) issue to the person a gold and silver currency
103	103	account with the Texas Bullion Depository, or, if applicable, add
104	104	to an existing gold and silver currency account held by the person
105	105	with the depository, the number of units or fractional units of gold
106	106	and silver currency equal to the amount of specie or bullion that
107	107	the money received from the person would buy on the date the payment
108	108	is received.
109	109	(c) On receiving a person's designation under Subsection
110	110	(a)(2), the comptroller shall:
111	111	(1) withdraw from the person's depository account with
112	112	the Texas Bullion Depository the amount of gold or silver specie or
113	113	bullion designated and deposit the specie or bullion for the person
114	114	to the pooled depository account; and
115	115	(2) issue to the person a gold and silver currency
116	116	account with the Texas Bullion Depository, or, if applicable, add
117	117	to an existing gold and silver currency account held by the person
118	118	with the depository, the number of units or fractional units of gold
119	119	and silver currency equal to the amount of gold or silver specie or
120	120	bullion that the pooled depository account received from the person
121	121	on that date.
122	122	Sec. 404A.0054. REDEMPTION OF GOLD AND SILVER CURRENCY FOR
123	123	UNITED STATES DOLLARS. (a) A person who holds gold and silver
124	124	currency may present to the comptroller any number of units or
125	125	fractional units of the currency to redeem for United States
126	126	dollars.
127	127	(b) On receipt of a person's request for redemption, the
128	128	comptroller shall:
129	129	(1) sell from the gold or silver specie or bullion held
130	130	in the pooled depository account a number of fractional troy ounces
131	131	equal to the number of units or fractional units of gold and silver
132	132	currency being redeemed; and
133	133	(2) provide to the person an amount of United States
134	134	dollars equal to the amount received from the sale of the gold and
135	135	silver specie or bullion under Subdivision (1), less the amount of
136	136	any fee charged under Section 404A.0058.
137	137	Sec. 404A.0055. REDEMPTION OF GOLD AND SILVER CURRENCY FOR
138	138	SPECIE OR BULLION. (a) A person who holds gold and silver currency
139	139	may present to the comptroller any number of units or fractional
140	140	units of the currency to redeem for an equal fractional number of
141	141	troy ounces of gold or silver specie or bullion from the pooled
142	142	depository account.
143	143	(b) On receipt of a request for redemption, the comptroller
144	144	shall:
145	145	(1) withdraw the equivalent fractional number of troy
146	146	ounces of gold or silver specie or bullion from the pooled
147	147	depository account; and
148	148	(2) on the payment of a fee charged under Section
149	149	404A.0058, deliver the gold or silver specie or bullion to the
150	150	requestor as requested.
151	151	Sec. 404A.0056. VALUE OF GOLD AND SILVER CURRENCY. (a) At
152	152	the time of each transaction involving the issuance or redemption
153	153	of gold and silver currency, the comptroller shall determine the
154	154	value of a unit of the currency.
155	155	(b) The value of a unit of gold and silver currency at the
156	156	time of a transaction must be equal to the value of the appropriate
157	157	fraction of a troy ounce of gold or silver, respectively, at the
158	158	time of that transaction as published by the Texas Bullion
159	159	Depository.
160	160	Sec. 404A.0057. CERTAIN MONEY AND DEPOSITS HELD IN TRUST
161	161	AND NOT SUBJECT TO LEGISLATIVE APPROPRIATION. Money received under
162	162	Section 404A.0053(a), gold or silver specie or bullion purchased or
163	163	deposited in the pooled depository account as provided by Section
164	164	404A.0053(b) or (c), and money received from the sale of gold or
165	165	silver specie or bullion in the pooled depository account in
166	166	response to a request for redemption under Section 404A.0054 is:
167	167	(1) held by the comptroller as trustee outside the
168	168	state treasury on the behalf of persons who hold gold and silver
169	169	currency; and
170	170	(2) not available for legislative appropriation.
171	171	Sec. 404A.0058. FEE. The comptroller may establish a fee
172	172	for the issuance or redemption of gold and silver currency to cover
173	173	the comptroller's costs in administering this chapter and an
174	174	industry standard merchant fee for use. The comptroller shall
175	175	deposit the net fee proceeds after costs to the credit of the
176	176	general revenue fund.
177	177	SECTION 2. This Act takes effect September 1, 2025.