The New Hampshire Legal Tender Act establishes gold and silver as legal tender in the state and creates a state bullion depository for the storage of bullion. The bill allows for the use of electronic currency, which represents gold and silver held in the depository. It defines terms related to the use of gold and silver as legal tender and states that bullion is not considered personal property for taxation or regulatory purposes. The bill prohibits the compulsion of accepting gold and silver as legal tender, unless specified by law or contract, and allows for the enforcement of this provision by the attorney general's office. It also allows for the recognition of gold and silver to pay private debts, taxes, and fees.
The bill establishes the New Hampshire state bullion depository and allows individuals, corporations, and governmental entities to establish depository accounts and conduct transactions with bullion. The administrator of the depository is responsible for maintaining records, ensuring account information remains confidential, and developing processes for bullion transactions. State agencies and the state treasurer may also use the depository for storing bullion. The bill includes provisions for security measures, insurance coverage, audits, fees, reporting, oversight, and termination or transfer of the depository. The bill also authorizes the state treasurer to establish electronic currencies backed by bullion and hold the bullion as a bailment.