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89(R) HB 1056 - Enrolled version - Bill Text
H.B. No. 1056
AN ACT
relating to the recognition of gold and silver specie as legal
tender and the establishment of a transactional currency based on
gold and silver; authorizing a fee.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Chapter 2116, Government Code, is amended by
adding Subchapter D to read as follows:
SUBCHAPTER D. GOLD AND SILVER SPECIE AND CURRENCY
Sec.
2116.101.
LEGAL TENDER. (a) To the extent authorized
by Section 10, Article I, United States Constitution, gold and
silver specie that meet the requirements of this section are legal
tender in this state.
(b)
To be legal tender in this state, gold and silver
specie:
(1)
must be imprinted, stamped, or otherwise marked
with the specie's weight and purity and may be imprinted, stamped,
or otherwise marked with a name or symbol that identifies a refiner
or mint of the specie; and
(2)
except for the information described by
Subdivision (1), may not be imprinted, stamped, or otherwise marked
with any name, symbol, or other information or design, including
any suggestion that the specie has been minted or issued by a
government.
(c) This section does not:
(1)
restrict the electronic transfer of gold and
silver specie or gold and silver currency as legal tender for the
payment of a debt;
(2)
apply to United States coins or currency issued or
recognized under federal law; or
(3)
prohibit or limit the legal tender, acceptance, or
use of Federal Reserve notes in the payment of a debt.
(d)
A person may not be required to offer or accept gold and
silver specie or gold and silver currency as legal tender for the
payment of a debt, for deposit, or for any other purpose.
Sec.
2116.102.
TRANSACTIONAL CURRENCY. The comptroller may
establish or authorize one or more electronic systems that enable a
depositor or vendor to make and receive payments using a currency
backed by gold and silver bullion held in the depository.
Sec.
2116.103.
CONTRACTING. The comptroller may contract
with one or more vendors to implement this subchapter.
To the
extent consistent with state and federal law, in contracting with a
vendor under this section, the comptroller shall give preference to
a vendor whose principal place of business is in this state.
Sec.
2116.104.
RULES. The comptroller shall adopt rules as
necessary or convenient to implement and administer this
subchapter, including rules to:
(1)
provide for the security of transactions in gold
and silver specie and gold and silver currency and related
information;
(2)
determine the value of the gold and silver
currency described by Section 2116.102 at the time of a transaction
or in a commercially reasonable manner;
(3)
establish a fee that is reasonable and necessary
to administer this subchapter;
(4)
authorize and approve vendors, including
financial institutions, to provide an electronic system described
by Section 2116.102; and
(5) adopt policies and procedures to prevent:
(A) fraud; and
(B)
transactions in gold and silver specie or
gold and silver currency involving a foreign adversary, or a person
associated with a foreign adversary, as determined under 15 C.F.R.
Section 791.4.
SECTION 2. (a) Except as provided by Subsection (b) of this
section, this Act takes effect May 1, 2027.
(b) Section 2116.101, Government Code, as added by this Act,
takes effect September 1, 2026.
______________________________
______________________________
President of the Senate
Speaker of the House
I certify that H.B. No. 1056 was passed by the House on May 2,
2025, by the following vote: Yeas 89, Nays 45, 1 present, not
voting; and that the House concurred in Senate amendments to H.B.
No. 1056 on May 30, 2025, by the following vote: Yeas 101, Nays 32,
2 present, not voting.
______________________________
Chief Clerk of the House
I certify that H.B. No. 1056 was passed by the Senate, with
amendments, on May 28, 2025, by the following vote: Yeas 18, Nays
12, 1 present, not voting.
______________________________
Secretary of the Senate
APPROVED: __________________
Date
__________________
Governor