The proposed bill would significantly update the Arizona Revised Statutes by establishing the Arizona Bullion Depository, which would be managed by the Department of Insurance and Financial Institutions (DIFI). It introduces new definitions for terms such as "bullion," "specie," and "transactional currency," which clarify the depository's functions and scope. The bill outlines the responsibilities of an appointed Administrator, who would oversee operations, including secure storage and the establishment of fees, with proceeds directed to the state General Fund. It also allows governmental entities to use the Depository while prohibiting access to foreign nations and U.S. enemies.

Furthermore, the bill mandates the issuance and redemption of transactional currency, which would serve as legal tender backed by precious metals held in the Depository. It requires regular independent audits to ensure transparency and accountability, while also restricting conflicts of interest for those involved in the depository's operations. The updates aim to create a structured and secure environment for managing state-held precious metals and related transactions, ensuring compliance and effective operation through necessary rules adopted by the department.