Bill No. 1197 establishes new provisions regarding the issuance of transaction cards by the State Treasurer or a contracted third-party vendor to U.S. citizens, allowing them to make purchases debited from their deposits in a bullion depository. The bill mandates the State Treasurer to create procedures for sharing account information with the depository, contingent upon the account holder's consent, and to develop a fee structure for the services provided by the depository, which will be paid by the account holders.

Additionally, the bill designates deposits of gold and silver in the bullion depository, as well as transactions made using the transaction card, as legal tender, thereby not classifying them as commodities. This means that the transfer, buying, or selling of gold and silver in the depository will be treated as currency exchanges rather than commodity exchanges. The Treasurer is also empowered to create rules to facilitate the implementation of these provisions. The act is set to take effect on November 1, 2025.