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House Bill 483 |
House Author: Capriglione et al. |
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Effective: 6-19-15 |
Senate Sponsor: Kolkhorst et al. |
House Bill 483 amends the Government Code and Finance Code to establish the Texas Bullion Depository as a state agency in the office of the comptroller of public accounts to serve as the custodian, guardian, and administrator of certain bullion and specie that may be transferred to or otherwise acquired by the state or an agency, political subdivision, or other instrumentality of the state. The bill provides for the administration of the depository under the direction and supervision of a bullion depository administrator. Among other provisions relating to the depository's administration, the bill excludes deposits and related assets from availability for legislative appropriation, establishes that depository accounts are not interest-bearing, and authorizes use of the depository by individuals, corporations, financial institutions, and governmental entities.
House Bill 483 requires the bullion depository to use private, independently managed firms and institutions licensed as depository agents as intermediaries to conduct retail transactions in bullion and specie on behalf of the depository with current and prospective account holders. The bill creates a depository agent license as a type of money services license, establishes requirements of licensure, and provides for the application of certain Money Services Act provisions to a depository agent.