2023 23LSO-0449
STATE OF WYOMING
SENATE FILE NO. SF0101
Wyoming legal tender act amendments.
Sponsored by: Senator(s) Ide, Biteman, French, Hicks,
Hutchings, Laursen, D, McKeown and Steinmetz and Representative(s) Allemand, Bear,
Jennings and Neiman
A BILL
for
1 AN ACT relating to the Wyoming Legal Tender Act; requiring
2 the state treasurer to provide for the payment of taxes by
3 specie or specie legal tender; requiring the state
4 treasurer to determine and provide exchange rates for
5 specie and specie legal tender; requiring the state
6 treasurer to exchange specie and specie legal tender for
7 other legal tender currencies; requiring the state
8 treasurer to hold and invest specie and specie legal
9 tender; authorizing the state treasurer to hire
10 consultants; providing rulemaking authority; and providing
11 for effective dates.
12
13 Be It Enacted by the Legislature of the State of Wyoming:
14
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1 Section 1. W.S. 9-4-1306 is created to read:
2
3 9-4-1306. State treasurer duties; consultants;
4 rulemaking authority.
5
6 (a) The state treasurer shall implement the Wyoming
7 Legal Tender Act by:
8
9 (i) Authorizing the use of specie and specie
10 legal tender for the payment of state and local taxes,
11 subject to authentication procedures as determined by the
12 state treasurer that are consistent with precious metals
13 industry standards;
14
15 (ii) Determining, maintaining and publishing
16 market based exchange rates between specie, specie legal
17 tender and other legal tender currencies on a real-time
18 basis on the website of the state treasurer for the purpose
19 of calculating tax payments to or from the state. The state
20 treasurer may hire a consultant as provided under
21 subsection (b) of this section to determine exchange rates
22 under this paragraph. As used in this paragraph, "real-time
23 basis" means as close as possible to the actual time that
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1 the exchange information is available so that the
2 information is provided practically immediately;
3
4 (iii) Exchanging specie and specie legal tender
5 for other legal tender currencies;
6
7 (iv) Holding specie and specie legal tender;
8
9 (v) If market conditions warrant, investing in
10 precious metal leases or bonds payable in precious metals.
11
12 (b) The state treasurer may contract for services
13 with established precious metals firms and other industry
14 experts to assist with the duties of the treasurer under
15 this section. The state treasurer shall require background
16 checks and financial disclosures along with any other
17 requirements specified by the state treasurer prior to
18 engaging in any contract under this subsection.
19
20 (c) The state treasurer shall adopt rules necessary
21 to implement this section.
22
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1 Section 2. The state treasurer shall adopt rules
2 necessary to implement this act not later than January 1,
3 2024.
4
5 Section 3.
6
7 (a) Except as provided in subsection (b) of this
8 section, this act is effective immediately upon completion
9 of all acts necessary for a bill to become law as provided
10 by Article 4, Section 8 of the Wyoming Constitution.
11
12 (b) Section 1 of this act is effective January 1,
13 2024.
14
15 (END)
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