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HB2123 - 572R - H Ver
House Engrossed
bullion depository;
establishment
State of Arizona
House of Representatives
Fifty-seventh Legislature
Second Regular Session
2026
HOUSE BILL 2123
AN
ACT
Amending title 6, Arizona Revised
Statutes, by adding chapter 18; relating to financial institutions.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it
enacted by the Legislature of the State of Arizona:
Section 1. Title 6, Arizona Revised Statutes,
is amended by adding chapter 18, to read:
CHAPTER
18
ARIZONA
BULLION DEPOSITORY
ARTICLE
1. GENERAL PROVISIONS
START_STATUTE
6-1801.
Definitions
in this chapter, unless the context otherwise
requires:
1. "Account holder" means a
person with a single account or joint account in a bullion depository.
2. "Allocated basis":
(
a
) Means
bullion that:
(
i
) Is
specifically identified.
(
ii
) Is or may
be segregated.
(
iii
) Is held
for the sole benefit of an account holder.
(
b
) Does not
constitute a general asset or liability of the depository or any person other
than the account holder.
3. "Bullion":
(
a
) Means
refined precious gold metal and silver metal that is:
(
i
) In any
shape or form.
(
ii
) Valued
primarily based on the metal content of the gold or silver and not on the form
or function of the gold or silver.
(
b
) Includes
gold coin and silver coin. For the purposes of this subdivision:
(
i
) "Gold
coin" means gold metal that is in the shape of a bar or other physical
form and that is certified at least 99.5 percent pure gold metal.
(
ii
) "Silver
coin" means silver metal that is in the shape of a bar or other physical
form and that is certified at least 99.9 percent pure silver metal.
4. "Depository" means the
Arizona Bullion depository established by section 6-1802.
5. "Electronic payment
system":
(
a
) Means an
electronic platform or payment system that uses gold or silver specie as the
basis for transactions and that does all of the following:
(
i
) uses
bullion held in a depository for electronic transactions.
(
ii
) allows for
the redemption of bullion by system participants.
(
iii
) enables
account holders to make payments to participating vendors.
(
iv
) is
authorized and approved by the state treasurer to provide accounts that hold
bullion and that allow users to buy, sell, save or spend bullion as a form of
legal tender.
(
b
) Includes
transactional gold or silver. For the purposes of this subdivision,
"Transactional gold or silver" means
a transfer
of ownership of physical bullion in exact units of metal in fractional troy
ounces or grams that:
(
i
) May be
transferred through electronic or written instruction by the owner of the
bullion.
(
ii
) May be
used to make or receive payments or to transfer value between persons that
consent to its use in this state.
(
iii
) Is held
in a depository on an allocated basis, including through any pooled bullion
holding, with each account holder that possesses an ownership interest in the
underlying bullion.
(
iv
) Is fully
redeemable as physical bullion on demand by the owner of the bullion.
6. "Legal tender" means a
medium of exchange, including specie, that is recognized by this state for the
payment of debts, taxes, fees and other obligations.
7. "Social credit scoring
system" Means a system of recordkeeping, data collection or scoring that
evaluates, monitors or ranks an individual's or entity's behavior, beliefs,
associations or compliance with government or corporate standards and that
conditions access to services, benefits or opportunities based on that
evaluation.
8. "Specie" means coin or
bullion of gold or silver that has intrinsic value and is used or intended for
use as currency.
END_STATUTE
START_STATUTE
6-1802.
Arizona bullion depository; administration; electronic payment system;
annual report
A. the ARizona Bullion
Depository is established. the state treasurer shall administer the
depository. the depository serves as the custodian, guardian and
administrator of bullion and specie that may be transferred to or otherwise
acquired by this state or residents of this state. The depository
shall provide a secure location for storing bullion.
An account holder
may use the
depository to deposit bullion for electronic use.
B. The state treasurer
may contract with a third party to administer the daily operations of the
depository.
C. THE STATE TREASURER
SHALL contract with a third-party vendor in this state to authorize and APPROVE
one or more ELECTRONIC PAYMENT SYSTEMs. The tHIRD-PARTY VENDOR
must comply with all state and federal financial laws. The
information of Residents of this state who use the ELECTRONIC payment system
may not be used in any social credit scoring system.
D. For the purposes of subsection B
and C of this section, the third party shall provide vault facilities within
the united states for the storage of bullion that:
1. Complies with the requirements
prescribed by the London bullion market association or an equivalent best
practices guidelines.
2. Provides accounts that do both of
the following:
(
a
) Hold
bullion.
(
b
) Allow
account holders to buy, sell, save or spend bullion.
E. The depository shall ensure that
each deposit made in the depository is insured under an all-risk
insurance policy that is issued by a nongovernmental operated insurer for one
hundred percent of the full replacement value of the deposit.
f. On or before june 30 of each year,
the state treasurer shall submit a report to the governor, the president of the
senate and the speaker of the house of representatives that includes all of the
following:
1. The status and operations of the
depository.
2. The implementation and usage of
the electronic payment system.
3. The economic impact of RECOGNIZING
gold and silver as legal tender.
END_STATUTE
START_STATUTE
6-1803.
Standard; prudent investor
THE state treasurer
shall
implement and discharge the state treasurer's duties under this chapter in a
manner consistent with that of a prudent investor.
END_STATUTE
START_STATUTE
6-1804.
Legal tender; gold and silver specie
A. Gold and silver specie are
recognized as a legal tender in this state and may be used for the payment of
either of the following:
1. if mutually agreed on, Debts
between private parties.
2. if this state or a political
subdivision of this state agrees to accept specie as a form of payment of
Taxes, fees or other obligations owed to this state or a political subdivision
of this state.
B. The purchase, sale or exchange of
any type of specie or bullion does not create any tax liability. Exchanging
one form of legal tender for another form of legal tender does not create tax
liability.
C. A person or entity in this state
may not be compelled to accept gold or silver specie as a form of payment
except as provided in this section.
END_STATUTE