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A BILL TO BE ENTITLED
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AN ACT
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relating to the recognition of gold and silver specie as legal |
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tender and the establishment of a transactional currency based on |
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gold and silver; authorizing a fee. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1.Chapter 2116, Government Code, is amended by |
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adding Subchapter D to read as follows: |
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SUBCHAPTER D. GOLD AND SILVER CURRENCY |
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Sec. 2116.101. LEGAL TENDER. (a) To the extent authorized |
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by Section 10, Article I, United States Constitution, gold and |
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silver specie that meet the requirements of this section are hereby |
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recognized by this state as legal tender. |
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(b) Gold or silver specie recognized as legal tender may not |
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be imprinted, stamped, or otherwise marked with any name, symbol, |
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or other information or design, including any suggestion that such |
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specie has been minted or issued by any government, except that such |
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specie must be imprinted, stamped, or otherwise marked with the |
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specie's weight and purity and may be imprinted, stamped, or |
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otherwise marked with the name or symbol that identifies any |
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refiner or mint of the gold or silver specie. |
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(c) This section does not restrict the electronic transfer |
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of gold or silver specie or currency as tender for the payment of a |
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debt. |
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(d) This section does not apply to United States coin or |
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currency issued or recognized under federal law. |
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(e) This subchapter does not prohibit or limit the tender, |
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acceptance, or use of Federal Reserve notes in the payment of debts. |
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(f) A person or entity, including any governmental entity, |
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may not be required to offer or accept any legal tender recognized |
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under this subsection for the payment of a debt, deposit, or any |
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other purpose. |
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Sec. 2116.103. TRANSACTIONAL CURRENCY. The comptroller may |
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establish or authorize one or more electronic systems that enable |
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depositors, or vendors on behalf of depositors, to make and receive |
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payments that are backed by bullion held in the depository. |
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Sec. 2116.104. CONTRACTING. The comptroller may contract |
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with one or more vendors to implement this subchapter. To the extent |
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consistent with state and federal law, in contracting with a |
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private vendor under this subsection the comptroller shall give |
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preference to a vendor whose principal place of business is in this |
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state. |
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Sec. 2116.105. RULES. The comptroller shall adopt rules as |
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necessary or convenient to implement and administer this |
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subchapter, including rules to: |
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(1) provide for the security of transactions and |
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related data; |
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(2) determine the value of gold and silver currency at |
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the time of a transaction or in a commercially reasonable manner; |
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(3) establish fees that are reasonable and necessary |
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to administer this subchapter; |
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(4) authorize and approve vendors, including |
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financial institutions, to provide an electronic payment system |
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that uses bullion held in the depository as backing; |
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(5) Adopt policies and procedures to prevent fraud and |
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prevent transactions involving a foreign adversary or a person |
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associated with a foreign adversary as identified under 15 C.F.R. § |
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791.4. |
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SECTION 2. (a) Except as provided by Subsection (b) of this |
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section, this Act takes effect September 1, 2026. |
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(b) Section 2116.101, Government Code, as added by this Act, |
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takes effect May 1, 2026. |
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