The proposed bill would update current statutes by establishing the Arizona Bullion Depository, which would be managed by the Department of Insurance and Financial Institutions (DIFI). This new framework would introduce key definitions such as "bullion," "deposit," "depositor," and "transactional currency," and outline DIFI's responsibilities, including hiring an Administrator, contracting with third parties, and maintaining secure storage for bullion. The bill also mandates the recording of deposits and the issuance of transactional currency, which would serve as legal tender backed by precious metals held in the Depository. Additionally, the bill would create a Pooled Depository Account for asset management and allow DIFI to charge fees for services, with net proceeds directed to the state General Fund. It emphasizes security protocols, prohibits foreign nations and enemies of the United States from using the depository, and requires regular audits to ensure transparency. Overall, these updates aim to modernize the management of precious metals within state operations while ensuring compliance with established regulations.