This bill seeks to amend Florida's legal framework concerning gold and silver coins as legal tender by repealing existing provisions and introducing new definitions and requirements. It repeals Section 18 of Chapter 2025-100 and revises definitions in Section 215.986, clarifying that gold coins must have a purity of at least 99.5% and silver coins at least 99.9%. The bill introduces the term "transactional gold or silver," which refers to these metals intended for commercial transactions. It also stipulates that money services businesses transmitting gold or silver coins will be subject to examination at specified intervals, rather than custodians of these coins. Additionally, it removes provisions related to custodianship and emphasizes that legal tender coins cannot bear markings indicating governmental issuance or face value.

Further amendments include modifications to Section 560.205, which clarifies the activities of payment instrument sellers and money transmitters during a designated sandbox period, and allows adjustments to financial requirements in Section 560.209. The bill also revises Section 655.97, removing the custodianship compliance requirement and mandating that financial institutions maintain separate accounts for gold and silver coins, ensuring they are insured for their full replacement value. Overall, the bill aims to modernize the regulation of gold and silver coins in Florida, enhancing clarity and compliance within the financial services sector. The act is set to take effect upon becoming law.

Statutes affected:
S 1588 Filed: 560.214, 280.21