H0697: State Legal Tender and Bullion Depository

Legislative Summary

Provides specie legal tender & electronic currency are legal tender; provides bullion is not personal property for taxation & regulatory purposes; requires DFS to establish & administer bullion depository; authorizes governmental entities to use depositories for storing bullion; authorizes State Treasury to deposit portion of its funds into depositories in form of bullion; requires CFO to establish electronic currencies backed by specie legal tender & other bullion; requires CFO to hold specie legal tender & other bullion as bailment for specified purposes.