SB2082: Mississippi Bullion Depository; establish in State Treasury.

Legislative Summary

An Act To Establish The Mississippi Bullion Depository In The Office Of The State Treasurer; To Provide For The Appointment And Duties Of The Administrator And Deputy Administrator; To Provide That Deposits May Not Be Considered Part Of The State General Fund Or Certified As Available For Appropriation; To Provide For The Deposit Of Certain Monies To The State General Fund; To Provide For The Receipt Of Deposits; To Specify Procedures; To Specify Certain Duties Of The State Treasurer; To Require The Promulgation Of Rules; To Establish Standards For Testing And Authenticity; To Provide For The Delivery And Shipping Of Deposits Held By Or On Behalf Of The Depository; To Provide For The Issuance Of A Debit Card To The Depository Account Holder; To Provide Procedures For The Transfer Of Accounts; To Provide For Accounting Of Depository Account Balances; To Specify Procedures For The Establishment Of Depository Accounts; To Require Contracts And Specify Terms; To Provide For Contract Amendments; To Specify When A Cause Of Action For Denial Of Deposit Liability May Accrue; To Authorize The State Treasurer To Establish Fees And Penalties; To Provide For Pledges And Transfers Of Depository Accounts; To Prohibit Certain Payments; To Provide For Liens On Depository Accounts And Payments Of Certain Obligations; To Provide For Investments By Certain Persons And Entities; To Provide For Credit Against Certain Tax; To Provide For Governance Of Certain Laws; To Allow The Pledge Or Transfer Of Jointly Held Accounts; To Provide That Ownership Not Be Severed Thereby; To Allow The Depository Or Depository Agent To Accept Accounts In The Name Of A Fiduciary; To Provide Procedures In Cases Of Persons Claiming To Be Trustees; To Provide That The Depository Not Have Further Liability; To Require The Depository To Recognize Certain Authority Upon Notice; To Require The Depository To Enter Into Certain Transactions And Relationships; To Prohibit Certain Acts; To Void Certain Actions To Control Accounts; To Provide Procedures For The Depository In Such Instances; To Require The State Treasurer To Establish Exchange Rate References And Accounting And Reporting Requirements; To Require An Annual Report; To Provide Procedures To Conduct Retail Transactions; To Provide For The Licensing And Appointment Of Depository Agents; To Specify Requirements Applicable To Depository Agents; To Provide For Depository Agent Services; To Prohibit Certain Acts By Unlicensed Persons; To Prohibit Licensure Of Certain Persons; To Specify The Circumstances Under Which A Person May Engage In The Business Of Depository Agent Services; To Provide For Application For A Depository Agent License; To Require Certain Security; To Allow Temporary Licensure; To Specify The Liability, Duties And Prohibited Acts Of A Depository Agent License Holder; To Provide For The Revocation Of Licenses; To Prohibit The Consideration Of Deposits As Assets In Certain Proceedings; To Require The Furnishing Of Certain Information In Connection With Transactions; And For Related Purposes.