The bill CS/HB 999 amends Florida law to establish gold and silver coins as legal tender for specific transactions, effective July 1, 2026, contingent upon the ratification of rules by the Financial Services Commission and the Chief Financial Officer. It revises the sales and use tax exemption for these coins, requiring individuals to demonstrate that the coins meet defined purity standards. The bill also creates a presumption of purity based on imprinted specifications or electronic transfers and prohibits marking legal tender coins in a way that implies government minting, with certain exceptions. Additionally, it allows governmental entities to accept these coins for tax payments exclusively through electronic transfers and clarifies that no entity can be compelled to accept them as legal tender.

The legislation introduces new regulations for custodians of gold and silver coins, mandating that they be insured and maintain high-security measures, including vaults and surveillance. Custodians must also keep accurate records and provide clear disclosures to owners about custodial arrangements. The bill outlines responsibilities for money services businesses related to these coins, requiring them to maintain separate accounts and secure insurance. It also modifies existing regulations for money transmitters and payment instrument sellers, allowing for a "sandbox period" for new financial products and adjusting license requirements based on consumer service levels. Overall, the bill aims to enhance consumer protection and establish a regulatory framework for the handling of precious metals in Florida.

Statutes affected:
H 999 c1: 560.204, 560.205, 655.50, 672.511, 559.952
H 999 e1: 212.05, 560.109, 560.205, 655.50, 672.511, 731.1065, 559.952
H 999 er: 212.05, 560.109, 560.205, 655.50, 672.511, 731.1065, 559.952