SF 4648
Introduction - 94th Legislature (2025 - 2026)
Posted on 03/24/2026 10:26 a.m.
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A bill for an act
relating to commerce; establishing the transactional gold and silver act; recognizing
gold and silver specie as legal tender; requiring the commissioner of commerce
to authorize a bullion depository; authorizing an electronic payment system;
requiring rulemaking; requiring a report; proposing coding for new law in
Minnesota Statutes, chapter 45.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
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[45.20] TRANSACTIONAL GOLD AND SILVER ACT.
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new text begin Subdivision 1. new text end
new text begin Definitions. new text end
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(a) For purposes of this section, the following terms have
the meanings given.
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(b) "Account holder" means a person with a single account or joint account in a bullion
depository.
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(c) "Allocated" means bullion that (1) is specifically identified, segregated, and held for
the sole benefit of an individual account holder, and (2) does not constitute a general asset
or liability of the depository or another party.
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(d) "Bullion depository" means a depository established under subdivision 3.
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(e) "Depository agent" means a private entity authorized by the commissioner to operate
a bullion depository or perform related services under this section.
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(f) "Electronic payment system" means an electronic platform or payment system
established under subdivision 5.
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(g) "Gold bullion" means refined precious gold metal, in any shape or form, that is valued
primarily based on metal content and not on form or function. Gold bullion includes gold
coin.
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(h) "Gold coin" means gold metal, in bars or other physical forms, that is certified at
least 99.5 percent pure and coined, stamped, or imprinted with the weight and purity.
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(i) "Gold specie" means gold bullion that has intrinsic value and is used or intended for
use as money.
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(j) "Legal tender" means a recognized medium of exchange to pay debts, taxes, fees,
and other obligations.
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(k) "Person" means a natural person; any type or form of corporation, company,
partnership, proprietorship, association, or other legal entity; or a government, governmental
subdivision or agency, governing authority, or other body politic.
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(l) "Silver bullion" means refined precious silver metal, in any shape or form, that is
valued primarily based on metal content and not on form or function. Silver bullion includes
silver coin.
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(m) "Silver coin" means silver metal, in bars or other physical forms, that is certified at
least 99.9 percent pure and coined, stamped, or imprinted with the weight and purity.
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(n) "Silver specie" means silver bullion that has intrinsic value and is used or intended
for use as money.
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(o) "Social credit scoring system" means a system of record keeping, data collection, or
scoring that:
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(1) evaluates, monitors, or ranks an individual's or entity's behavior, beliefs, associations,
or compliance with government or corporate standards; and
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(2) conditions access to services, benefits, or opportunities based on an evaluation,
monitoring, or ranking under clause (1).
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new text begin Subd. 2. new text end
new text begin Recognition as legal tender. new text end
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(a) Gold specie and silver specie are recognized
as legal tender in Minnesota. Gold specie or silver specie may be used to:
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(1) pay debts between private parties, if the parties mutually agree to use of the specie;
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(2) transfer value within Minnesota or between parties who consent; and
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(3) pay taxes, fees, or other obligations owed to the state of Minnesota or a governing
authority of Minnesota, if Minnesota or the governing authority agrees to accept the specie
as payment.
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(b) A person is not required to accept gold specie or silver specie as payment.
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(c) The use of gold specie and silver specie may be transferred through electronic or
written instructions by the owner.
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new text begin Subd. 3. new text end
new text begin Operation. new text end
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(a) The commissioner must authorize a bullion depository in
Minnesota. Each depository must:
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(1) provide vault facilities to store gold bullion and silver bullion;
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(2) comply with the London Bullion Market Association or equivalent best practices
guidelines; and
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(3) provide accounts that hold gold bullion and silver bullion and that allow account
holders to buy, sell, save, or spend gold bullion and silver bullion.
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(b) The commissioner must contract with a depository agent. The commissioner may
contract with one or more private entities to develop or operate an electronic payment
system.
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(c) Electronic or written transfers of gold specie or silver specie must be fully backed
by specie held in a qualified depository and redeemable on demand by the account holder
in the underlying gold or silver specie or bullion.
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new text begin Subd. 4. new text end
new text begin Rulemaking. new text end
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(a) The commissioner must adopt rules:
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(1) to designate or establish one or more bullion depositories to securely store gold
bullion and silver bullion to facilitate transactions under this section;
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(2) to authorize and approve one or more electronic payment systems to facilitate
transactions under this section; and
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(3) that are otherwise necessary to implement this section.
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(b) The administrative rules adopted pursuant to this section must:
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(1) require that the designated or established bullion depository is secure, transparent to
account holders, and accessible for use by any authorized person;
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(2) require that each authorized and approved electronic payment system is reliable and
complies with applicable state and federal laws, including this section and any lawful
administrative rules adopted under this section;
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(3) require a depository agent or contracted entity to operate in the best interests of
Minnesota and the account holders of the designated or established bullion depository;
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(4) with respect to the designated or established bullion depository, require regular
verification of:
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(i) the gold bullion and silver bullion held by the depository; and
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(ii) compliance with this section by the depository, including any administrative rules
adopted under this section;
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(5) require that each authorized and approved electronic payment system and any
participating vendors are authorized to do business in Minnesota and comply with state and
federal money transmitter laws;
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(6) require that appropriate fraud prevention measures are implemented by:
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(i) the designated or established bullion depository;
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(ii) any depository agent or contracted entity;
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(iii) each authorized and approved electronic payment system; and
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(iv) each participating vendor of an authorized and approved electronic payment system;
and
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(7) govern the privacy of the bullion depository's account holders and the participants
of each authorized and approved electronic payment system. The privacy rules must include,
at a minimum, that transaction information must not, except to the extent the commissioner
deems necessary to enforce and effectuate this section, be:
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(i) shared with any person other than the account holder or participant without proper
court authorization; or
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(ii) used in a social credit scoring system.
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new text begin Subd. 5. new text end
new text begin Electronic payment system. new text end
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(a) The commissioner must authorize and approve
at least one electronic payment system that enables participating vendors to receive and
process a payment from an account holder of a bullion depository using gold specie and
silver specie held in the bullion depository as the basis for the payment transaction.
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(b) A bullion depository must have a contractual relationship with each electronic
payment system that is authorized and approved by the commissioner under this section to
provide services for deposits of gold bullion and silver bullion as provided by the
commissioner under this section.
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new text begin Subd. 6. new text end
new text begin Insurance. new text end
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For each deposit made in a bullion depository designated or
established by the commissioner under this section, the bullion depository must insure the
deposit under an all-risk insurance policy issued by a nongovernmental operated insurer for
100 percent of the full replacement value of the deposit.
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new text begin Subd. 7. new text end
new text begin Deposits. new text end
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A deposit made in a bullion depository designated or established by
the commissioner under this section is the sole property of the account holder. Deposits are
not to be subject to use or takings by any state or the United States without due process of
law.
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new text begin Subd. 8. new text end
new text begin Report. new text end
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By January 15 each year, the commissioner must submit a written
report to the chairs and ranking minority members of the senate Finance Committee and
the house of representatives Ways and Means Committee. The report must include, at a
minimum:
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(1) the status and operations of the designated or established bullion depository;
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(2) the implementation and usage of authorized and approved electronic payment systems;
and
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(3) the economic impact of recognizing gold specie and silver specie as legal tender.
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new text begin Subd. 9. new text end
new text begin Prohibition. new text end
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This section does not authorize, endorse, create, or implement a
central bank digital currency or any mechanism for surveillance, social credit scoring,
behavioral conditioning, or any other form of social or economic control.
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new text begin Subd. 10. new text end
new text begin Tax liability. new text end
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The exchange of one type or form of legal tender for another
type or form of legal tender does not give rise to any tax liability. The purchase, sale, or
exchange of any type of specie does not give rise to any tax liability.
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new text begin EFFECTIVE DATE. new text end
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Subdivision 3 is effective the day following final enactment.
Subdivisions 1, 2, and 4 to 10 are effective one year following the effective date of
subdivision 3.
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