Senate Bill 167, also known as House Bill 440, amends Tennessee Code Annotated to establish a framework for the production of precious metal products, specifically through the creation of a state mint. The bill introduces new definitions, including "covered activity," which encompasses capital improvements and the production and shipping of bullion products, and "eligible entity," which refers to manufacturers with a history of producing coinage products for government entities. The bill also defines "state depository" and "Tennessee Mint," the latter being a facility designated to securely produce and manage bullion products for the state.

The bill mandates that the state treasurer enter into agreements with eligible entities to perform covered activities and outlines the requirement for the treasurer to promulgate rules for the operation of the state mint in accordance with public contract procurement processes. The act is set to take effect on July 1, 2025, and includes a severability clause to ensure that if any part of the act is deemed invalid, the remaining provisions will still be enforceable.

Statutes affected:
Introduced: 9-4-801