The bill CS/HB 999 amends Florida law to establish gold and silver coins as legal tender for specific purposes, 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, placing the burden of proof on individuals claiming the exemption to demonstrate that the coins meet defined purity standards. The bill also creates a presumption regarding the purity of these coins, specifies that they cannot be marked to suggest government minting, and outlines the responsibilities of custodians who hold public deposits of gold and silver coins. Governmental entities are permitted to accept these coins for payment of taxes and dues only through electronic transfer, while ensuring that no person or entity can be compelled to accept them as legal tender.

Additionally, the bill introduces new regulations for custodians of gold and silver coins, requiring them to maintain high-security storage, provide clear disclosures to owners, and comply with anti-money laundering regulations. It also outlines the responsibilities of money services businesses related to these coins, including maintaining separate accounts and securing insurance. The legislation modifies existing financial regulations to allow licensees to operate during a "sandbox period" for new financial products, and establishes a timeline for the adoption of necessary rules, with a provision for repeal if not ratified by June 30, 2026. Overall, the bill aims to enhance the regulatory framework surrounding the custody and use of precious metals in financial transactions while promoting innovation in the financial services sector.

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