Senate Bill 1812, known as "The Mint Act," amends Tennessee Code Annotated to establish a framework for managing precious metals within the state. The bill introduces definitions for "coins" and "precious metal," specifically identifying them as gold and silver. It creates a "precious metals fund" within the state treasury, which will be used for acquiring, converting, storing, and selling bullion and specie. The state treasurer is tasked with administering this fund and is required to contract with a toll converter for the conversion of bullion into specie, with a legislative intent to appropriate $50 million to the fund in fiscal year 2027.

Additionally, the bill outlines the duties of the state treasurer, including generating revenue through the sale of specie and retaining a significant portion for state reserves. It mandates annual reporting to the general assembly on the fund's activities and ensures transparency in transactions, while also designating certain records as confidential. The bill deletes a subsection regarding expenses for administration and replaces it with a requirement that these expenses be covered by the newly established precious metals fund. The act will take effect upon becoming law for rule promulgation purposes, with full implementation starting July 1, 2026.

Statutes affected:
Introduced: 9-4-801, 9-4-802(e), 9-4-802