Shown verbatim: the complete text as captured from the official PDF posted by the Oklahoma Legislature, fetched 2026-07-23. Page and line markers are part of the official record; nothing is edited or removed. The official bill page.
1 STATE OF OKLAHOMA
2 1st Session of the 60th Legislature (2025)
3 HOUSE BILL 1197 By: Maynard
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6 AS INTRODUCED
7 An Act relating to the State Treasurer; authorizing
the Treasurer to create, operate, or contract for the
8 operation of a depository and issue certain
transaction cards; requiring the Treasurer to provide
9 certain procedures and develop fee structure upon
certain circumstance; stipulating certain deposits
10 and transactions be considered the exchange of legal
tender; authorizing account holders issued a
11 transaction card to make transactions debited against
the value of deposits; authorizing the promulgation
12 of rules; providing for codification; and providing
an effective date.
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16 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
17 SECTION 1. NEW LAW A new section of law to be codified
18 in the Oklahoma Statutes as Section 70 of Title 62, unless there is
19 created a duplication in numbering, reads as follows:
20 A. The State Treasurer shall be authorized to issue a
21 transaction card to citizens of this state with the ability to make
22 purchases that are debited from the balance of deposits with a
23 bullion depository created by the Treasurer's office or contracted
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Req. No. 10188 Page 1
1 with other public or private entities operating a bullion
2 depository.
3 B. Upon the creation of a depository or a contractual agreement
4 with an entity pursuant to subsection A of this section, the
5 Treasurer's office shall:
6 1. Provide procedures for the sharing of account information
7 between the depository and the Treasurer upon consent of the account
8 holder; and
9 2. Develop a fee structure for both the depository and the
10 Treasurer, to be paid by the account holder, to utilize the service
11 provided by a bullion depository.
12 SECTION 2. NEW LAW A new section of law to be codified
13 in the Oklahoma Statutes as Section 70.1 of Title 62, unless there
14 is created a duplication in numbering, reads as follows:
15 A. Deposits of gold and silver in the bullion depository and
16 transactions made using the transaction card issued by the State
17 Treasurer shall be considered legal tender, pursuant to the
18 authority vested upon this state in Section 10 of Article I of the
19 United States Constitution. Deposits of gold and silver in the
20 bullion depository shall not be considered a commodity. The
21 transfer, buying, or selling of gold and silver held in the
22 depository for transactions shall not be considered an exchange of a
23 commodity, and shall be considered an exchange of currency.
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1 B. Account holders issued a transaction card may make
2 transactions debited against the value of gold and silver deposits
3 in the bullion depository.
4 C. The Treasurer may promulgate rules to implement the
5 provisions of this act.
6 SECTION 3. This act shall become effective November 1, 2025.
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8 60-1-10188 MAH 12/30/24
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Req. No. 10188 Page 3Every fact on this page links to its source, starting with the official bill record.