Precious Metals Amendments

Established a new legal framework for a precious metals-backed electronic payment system, requiring the State Treasurer to contract with third parties to create and operate it.

Mandated that the new payment system be publicly available and compliant with all state and federal laws.

Stipulated that any transactional costs for using the system must be paid by the system participant, not the state.

Extended the mandatory annual study on precious metals from one year to two years, covering calendar years 2026 and 2027.

Defined key terms including 'Contractor,' 'Participating contractor,' and 'System participant' to clarify who can use the new payment system.

Clarified that the new system does not force contractors or state entities to participate and does not prevent the state from using other forms of currency.

Added a specific mandate requiring system participants to pay transactional costs when receiving payments or redeeming physical precious metals.

The Division of Finance is now explicitly required to evaluate the options and implications of integrating the precious metals payment system into the statewide accounting system.

Responsibility for evaluating the options and implications of allowing state employees to receive compensation via the system was transferred from the State Treasurer to the Division of Finance.

A new requirement was added stating that system participants must pay any transactional costs associated with receiving payments or redeeming physical gold or silver.