This bill authorizes the State Treasurer of Oklahoma to create or contract for the operation of a bullion depository and to issue transaction cards to citizens, allowing them to make purchases debited from their deposits in the depository. The Treasurer is required to establish procedures for sharing account information with the depository and to develop a fee structure for account holders utilizing these services. The bill also stipulates that deposits of gold and silver in the depository, as well as transactions made using the transaction card, will be considered legal tender, rather than commodities, thereby treating these transactions as exchanges of currency.

Additionally, the bill allows account holders to make transactions that are debited against the value of their gold and silver deposits in the bullion depository. The State Treasurer is empowered to promulgate rules to implement the provisions of this act. The effective date for this legislation is set for November 1, 2025.