HB1056 - 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.

      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