The bill amends various sections of Florida Statutes to establish gold and silver coins as legal tender for debt payments, effective January 1, 2026. It revises the definition of tangible personal property to exclude these coins, which are now defined in a new section, 215.986. Individuals claiming a sales tax exemption for gold and silver coins will bear the burden of proof regarding their definitions and purity. The bill also clarifies that no person can be compelled to accept legal tender for payment, and governmental entities may only accept these coins through electronic transfer. Additionally, it introduces new requirements for custodians of gold and silver coins, including compliance with public depository standards and licensing by the Office of Financial Regulation.

Moreover, the legislation outlines specific responsibilities for custodians, such as maintaining separate accounts, ensuring proper insurance coverage, and adhering to anti-money laundering regulations. It mandates that the Department of Financial Services submit a report by January 1, 2026, on the implementation of these regulations. The bill also amends the Financial Technology Sandbox regulations, removing certain regulatory requirements for financial technology companies and adjusting references within the law to foster innovation while maintaining necessary oversight. Overall, the legislation aims to clarify the legal status of gold and silver coins in financial transactions and enhance the regulatory framework surrounding their custody and handling in Florida.

Statutes affected:
S 132 c1: 212.02, 212.05, 560.204, 560.205, 655.50, 672.511, 559.952