This bill establishes that specie, defined as refined gold or silver suitable for use as currency, is recognized as legal tender in Iowa. It stipulates that while individuals may use specie in financial transactions, they are not obligated to accept it as payment. The bill outlines the responsibilities of the state treasurer, who is tasked with approving and overseeing bullion depositories for the secure storage of bullion, authorizing electronic payment systems for transactions, and ensuring compliance with various regulations. Additionally, it mandates that each approved bullion depository must have a contractual relationship with authorized electronic payment systems and must insure deposits for full replacement value.

Furthermore, the bill includes provisions to protect the privacy of account holders and prohibits the use of transactional gold and silver for surveillance or social credit scoring. It also specifies that transactions involving the exchange of specie will not be subject to any state taxes or charges. The treasurer is required to submit an annual report to the general assembly detailing the status of bullion depositories, the implementation of electronic payment systems, and the economic impact of recognizing specie as legal tender. The implementation of this act is set to take place by July 1, 2027.