House Bill No. 797, known as the Bayou Gold Program, aims to establish a voluntary certification framework for electronic payment platforms that offer gold- and silver-backed transactional services. The bill enacts R.S. 6:342, which includes definitions for key terms such as "account holder," "allocated precious metals," and "bullion depository." The Department of the Treasury is tasked with administering the program, maintaining a publicly accessible registry of certified platforms, and developing a certification mark for use by these platforms. The bill specifies that the department will not operate or manage any gold or silver depositories or payment processors.

To qualify for certification, electronic payment platforms must meet several criteria, including maintaining allocated precious metals in secure depositories and ensuring that customer holdings are not subject to claims from creditors. The application process requires platforms to submit proof of compliance, and the department has the authority to establish fees for application and renewal. Certification is valid for two years, with provisions for renewal, and penalties are outlined for platforms that falsely claim certification. Importantly, 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 platforms.