House Bill No. [insert bill number] proposes the establishment of the Bayou Gold Program, which aims to create a voluntary certification framework for businesses that provide gold- and silver-backed transactional services. The bill defines key terms such as "account holder," "allocated precious metals," and "bullion depository," and assigns the Louisiana Department of the Treasury the responsibility for administering the program. The department will maintain a publicly accessible registry of certified businesses and may develop a name, logo, or certification mark for use by these businesses. Importantly, the department will not operate or manage any gold or silver depositories or payment processors.

To qualify for certification, businesses must meet specific criteria, including maintaining allocated precious metals in secure facilities and ensuring that customer holdings are not subject to claims by the business's creditors. The application process requires businesses to submit various documentation, and the department will have the authority to establish application and renewal fees. Certification will be valid for two years, with provisions for renewal, and penalties will be imposed on businesses that falsely claim certification. The bill clarifies that it does not create a state guarantee of deposits or impose financial liability on the state for the actions of certified businesses.