The proposed bill, SB1633, seeks to create the Arizona Bullion Depository, which will act as the custodian for bullion and specie acquired by state entities. The Department of Insurance and Financial Institutions (DIFI) will oversee the Depository, including hiring an Administrator and establishing operational procedures. The bill introduces specific definitions for bullion and specie, mandates secure storage, and allows governmental entities to utilize the Depository. It also includes requirements for independent audits, conflict of interest criteria for personnel, and reporting obligations to ensure transparency.

Key changes from current law include the formal establishment of the Depository, the introduction of transactional currency that can be used as legal tender, and the requirement for independent audits. The bill emphasizes safety protocols to prevent theft and fraud, prohibits foreign nations and enemies of the U.S. from using the Depository, and stipulates that any net proceeds from fees collected will be directed to the state General Fund after covering administrative costs.