Precious Metals Amendments

The repeal date for the annual precious metals study was changed from July 1, 2028, to July 1, 2027.

The requirement for the state treasurer to issue a 'request for proposals' was changed to a 'competitive procurement' and must be done in consultation with the Department of Finance.

The Department of Finance was assigned new duties to establish policies for vendors, integrate the system into the statewide accounting system, and ensure the system is made publicly available.

A new subsection requires the Department of Finance to evaluate options for allowing state employees to receive compensation through the system.

New definitions were added for 'participating vendor', 'system participant', and 'participating state entity' to clarify who can use the payment system.

The exemption clause was updated to clarify that no state entity or vendor is required to participate in the new payment system.

Added $146,800 in operating and capital budget funding for fiscal year 2026 to support the precious metals-backed electronic payment system implementation.

Extended the sunset date for the state treasurer's annual precious metals study from October 2024 to October 2027, giving the state more time to evaluate gold investments.

Added effective date language (May 7, 2025) and formatting changes to clarify bill provisions.

Formatting and layout adjustments were made to the bill text, including reorganization of line breaks and spacing, but no substantive policy language was altered.

Timestamp metadata ("2-20-25 9:37 AM") was removed from the document header.

New header information was added identifying this as "3rd Sub. (Cherry) H.B. 306" dated "02-26 10:11" with sponsor Ken Ivory.

Added new Section 1 amending Section 59-1-1502 to define legal tender rules for gold and silver coin or bullion in the state.

Reorganized the bill structure and adjusted formatting, including line breaks and spacing throughout all sections.

Updated the 'Utah Code Sections Affected' list to include Section 59-1-1502 as an amended section.