Louisiana HB 960: TREASURER: Provides for the duties of the treasurer to establish and promulgate rules for a gold and silver transactional service

Bill Text

HLS 24RS-2151 ORIGINAL
2024 Regular Session
HOUSE BILL NO. 960
BY REPRESENTATIVE EDMONSTON
TREASURER: Provides for the duties of the treasurer to establish and promulgate rules for
a gold and silver transactional service
1 AN ACT
2 To enact R.S. 36:764(A)(9) and Part III of Chapter 5 of Title 49 of the Louisiana Revised
3 Statutes of 1950, to be comprised of R.S. 49:351 and 352, relative to the powers and
4 duties of the treasurer; to provide for a short title; to administer gold and silver
5 services in the state; to provide for gold, silver, or specie electronic transactional
6 platform services; to provide for rulemaking; to provide for administration and
7 contractual authority; to permit redemption of other legal tender for gold, silver, or
8 specie; to provide for administrative costs and fees; and to provide for related
9 matters.
10 Be it enacted by the Legislature of Louisiana:
11 Section 1. R.S. 36:764(A)(9) is hereby enacted to read as follows:
12 §764. Powers and duties of state treasurer
13 A. In addition to the functions, powers, and duties otherwise vested in the
14 state treasurer by law, he shall:
15 * * *
16 (9) Provide for the implementation and administration of the Louisiana
17 Transactional Service Platform provided in Part III of Chapter 5 of Title 49 of the
18 Louisiana Revised States of 1950.
19 * * *
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.

HLS 24RS-2151 ORIGINAL
HB NO. 960
1 Section 2. Part III of Chapter 5 of Title 49 of the Louisiana Revised Statutes of 1950,
2 comprised of R.S. 49:351 and 352, is hereby enacted to read as follows:
3 PART III. LOUISIANA TRANSACTIONAL SERVICE PLATFORMS
4 §351. Short Title
5 This Part shall be known and may be cited as the "Louisiana Transactional
6 Service Platform Act".
7 §352. Administration of state gold and silver services; rule promulgation by
8 treasurer; administration costs; fees
9 A. As used in this Part:
10 (1) "Bullion depository" means an institution that contracts with the treasurer
11 on behalf of the state to serve as the custodian, guardian, and administrator of certain
12 gold, silver, or specie.
13 (2) "Depositor" or "depository account holder" means a person who makes
14 a deposit of United States dollars into his bullion depository account and is awarded
15 the rights, interests, and entitlements established with respect to a deposit.
16 (3) "Metals" means gold, silver coins, or specie issued by the federal
17 government.
18 (4) "Pooled depository storage account" means the state's contractual
19 custodial account held at the bullion depository that stores "in trust" all gold, silver,
20 or specie on behalf of depositor.
21 (5) "Transactional service platform" means a platform used to transfer
22 United States dollars for the purchase of gold, silver, or specie. The platform will be
23 administered by the designated trustee and all fees collected will be credited to an
24 account established in the state general fund. The platform may consist of vendor
25 or a bullion depository for whom the treasurer has contracted for user access.
26 (6) "Treasurer" means the state treasurer whose executive office and powers
27 are prescribed in R.S. 36:761.
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.

HLS 24RS-2151 ORIGINAL
HB NO. 960
1 B. The treasurer may adopt rules in accordance with the Administrative
2 Procedure Act as necessary to implement this Part, including rules to accomplish the
3 following:
4 (1) Ensure the security of the metals purchased through the state's
5 transactional service platform and related services and data.
6 (2) Prevent fraud.
7 (3) Prohibit transactions involving foreign nations.
8 C. The treasurer may contract with a bullion depository in any state in the
9 United States or a private vendor, that has its principal place of business in the state,
10 on behalf of any United States citizen or entity to purchase metals through the
11 transactional service platform.
12 (1) The treasurer, on the behalf of the person or entity, shall store purchased
13 metals in the state's pooled depository storage account at the bullion depository
14 under conditions outlined in the contract. Such contract may additionally provide for
15 the initial start-up expense.
16 (2) The treasurer shall contract with a vendor to provide a card service that
17 meets privacy and protection criteria set forth by the treasurer for its users. The card
18 service will allow for purchases and is readily transferable. The vendor shall create
19 a subsidiary in this state to establish jurisdiction and satisfy all privacy and
20 protection of its users.
21 D. Notwithstanding any law to the contrary, all metals, which are deposited
22 in a pooled depository storage account, shall be the sole property of that depositor.
23 E. The treasurer, serving as trustee, or his designee appointed to serve as
24 trustee,