The proposed bill establishes a framework for the issuance of gold and silver specie, as well as a digital currency called "Michcoin," which is backed by these precious metals. It creates the Michigan bullion depository within the Department of Treasury, which will act as the custodian and administrator of the bullion and specie. The state treasurer is tasked with overseeing the issuance of both the specie and the digital currency, ensuring they can be used as legal tender and transferred electronically. The bill also allows the state treasurer to contract with private vendors to facilitate the digital currency's establishment and services.

Additionally, the bill creates the Michigan bullion depositary fund within the state treasury, which will be used for the administration of the act, operation of the depository, and payment to vendors and security officers. It outlines the procedures for establishing depository accounts, including investment in precious metals, and emphasizes the confidentiality of account records while protecting account holders from governmental confiscation attempts. The bill also details the role of depository security officers, who will work in partnership with law enforcement agencies, and grants them powers similar to those of law enforcement officers. An annual report on the depository's status and operations is required to be submitted by the state treasurer to legislative leaders and committees.