House Bill 1056 | Effective: See below |
House Author: Dorazio et al. | House Committee: State Affairs |
Senate Sponsor: Hughes et al. | Senate Committee: Finance |
House Bill 1056 amends the Government Code to recognize gold and silver specie as legal tender in Texas. Among other provisions, the bill prohibits a person from being 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. These bill provisions take effect September 1, 2026.
House Bill 1056 authorizes the comptroller of public accounts to 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 Texas Bullion Depository. The bill also authorizes the comptroller to contract with one or more vendors to implement the bill's provisions and requires the comptroller to adopt rules as necessary or convenient to implement and administer the bill's provisions. Except as otherwise provided, the bill takes effect May 1, 2027.