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 the service. Additionally, the bill 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 them as currency.
Furthermore, the bill allows account holders to make transactions against the value of their gold and silver deposits and grants the Treasurer the authority to promulgate rules for implementing these provisions. The effective date for this act is set for November 1, 2025.