Bill Text: IA SF2273 | 2023-2024 | 90th General Assembly | Introduced
Bill Title: A bill for an act recognizing gold and silver coin as legal tender.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced) 2024-02-13 - Subcommittee Meeting: 02/14/2024 10:00AM Room 217 Conference Room. [SF2273 Detail]
Download: Iowa-2023-SF2273-Introduced.html
Senate
File
2273
-
Introduced
SENATE
FILE
2273
BY
ALONS
A
BILL
FOR
An
Act
recognizing
gold
and
silver
coin
as
legal
tender.
1
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
2
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Section
1.
Section
524.805,
Code
2024,
is
amended
by
adding
1
the
following
new
subsection:
2
NEW
SUBSECTION
.
9.
A
state
bank
shall
receive
deposits
3
in
gold
and
silver
coins
recognized
as
legal
tender
pursuant
4
to
section
535.6,
and
shall
denominate
and
segregate
accounts
5
containing
gold
and
silver
coins
from
other
forms
of
currency.
6
Withdrawals
shall
be
made
in
the
same
currency
as
deposits
7
unless
converted
from
one
form
of
currency
to
another
form
of
8
currency.
9
Sec.
2.
NEW
SECTION
.
533.332
Acceptance
of
deposits
of
gold
10
and
silver.
11
A
state
credit
union
shall
receive
deposits
in
gold
12
and
silver
coins
recognized
as
legal
tender
pursuant
to
13
section
535.6,
and
shall
denominate
and
segregate
accounts
14
containing
gold
and
silver
coins
from
other
forms
of
currency.
15
Withdrawals
shall
be
made
in
the
same
currency
as
deposits
16
unless
converted
from
one
form
of
currency
to
another
form
of
17
currency.
18
Sec.
3.
NEW
SECTION
.
535.6
Gold
and
silver
coin
——
legal
19
tender.
20
1.
For
the
purposes
of
this
section:
21
a.
“Financial
transaction”
means
a
transaction
that
requires
22
and
stipulates
the
payment
of,
or
by
the
terms
of
which
is
23
payable
in,
some
medium
of
exchange,
currency,
or
money.
24
b.
“Legal
tender”
means
a
medium
of
exchange,
currency,
or
25
money
that
may
be
accepted
in
a
financial
transaction
in
this
26
state.
27
2.
a.
Gold
and
silver
coin
issued
by
the
federal
government
28
is
legal
tender
in
this
state.
Any
person
may
use
gold
29
or
silver
coin,
or
both,
as
legal
tender
in
a
financial
30
transaction
to
which
that
person
is
a
party.
31
b.
If
a
financial
transaction
by
its
terms
requires
32
that
payment
shall
be
made
in
gold
or
silver
coin,
the
only
33
allowable
medium
of
exchange
for
payment
of
the
transaction
34
shall
be
gold
or
silver
coin.
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c.
If
a
financial
transaction
by
its
terms
requires
that
1
payment
be
made
in
some
medium
of
exchange
other
than
gold
or
2
silver
coin,
the
parties
may
mutually
agree
to
payment
of
the
3
transaction
with
gold
or
silver
coin
at
such
rate
of
exchange
4
between
the
other
medium
of
exchange
originally
stipulated
in
5
the
transaction
and
gold
or
silver
coin
as
the
parties
may
deem
6
appropriate.
7
d.
A
person
shall
not
compel
any
other
person
to
accept
8
gold
and
silver
coin
as
legal
tender.
The
designation
of
9
gold
and
silver
coin
as
legal
tender
pursuant
to
this
section
10
shall
not
preclude
or
prejudice
the
use
by
any
person
for
any
11
legal
purpose
of
any
medium
of
exchange,
currency,
or
money,
12
in
addition
to
gold
and
silver
coin,
which
has
been
designated
13
legal
tender
under
the
laws
of
the
United
States.
14
3.
A
transaction
entered
into
by
a
person
which
involves
the
15
exchange
of
any
gold
or
silver
coin
which
is
legal
tender
for
16
some
medium
of
exchange
other
than
gold
or
silver
coin
which
17
has
been
designated
legal
tender
shall
not
be
subject
to
any
18
sales,
excise,
gross
receipts,
income,
capital
gains,
or
other
19
form
of
tax
or
charge
authorized
under
the
laws
of
this
state.
20
Sec.
4.
GOLD
AND
SILVER
COIN
DEPOSITORY
——
STUDY.
The
21
division
of
banking
of
the
department
of
insurance
and
22
financial
services
shall
conduct
a
study
to
evaluate
23
establishing
a
state
gold
and
silver
coin
depository
whereby
24
customers
could
utilize
debit
cards
linked
to
gold
and
silver
25
coin
investments
to
transfer
gold
and
silver
coins
between
26
accounts.
In
conducting
the
study,
the
division
shall
consider
27
similar
depositories
established
or
in
the
process
of
being
28
established
in
other
states.
The
division
shall
assess
the
29
advantages,
disadvantages,
implementation
of,
and
estimated
30
utilization
of
such
a
depository,
and
shall
submit
a
report
31
containing
its
recommendations
to
the
general
assembly
by
32
January
1,
2025.
33
EXPLANATION
34
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
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the
explanation’s
substance
by
the
members
of
the
general
assembly.
1
This
bill
provides
that
gold
and
silver
coin
issued
by
the
2
federal
government
is
legal
tender
in
Iowa.
3
The
bill
provides
that
any
person
may
use
gold
or
silver
4
coin,
or
both,
as
legal
tender
in
a
financial
transaction
to
5
which
that
person
is
a
party.
The
bill
defines
a
“financial
6
transaction”
to
mean
a
transaction
that
requires
and
stipulates
7
the
payment
of,
or
by
the
terms
of
which
is
payable
in,
some
8
medium
of
exchange,
currency,
or
money.
The
bill
defines
9
“legal
tender”
to
mean
a
medium
of
exchange,
currency,
or
money
10
that
may
be
accepted
in
a
financial
transaction
in
Iowa.
11
The
bill
states
that
if
a
financial
transaction
by
its
12
terms
requires
that
payment
shall
be
made
in
gold
or
silver
13
coin,
the
only
allowable
medium
of
exchange
for
payment
of
14
the
transaction
shall
be
gold
or
silver
coin.
If
a
financial
15
transaction
by
its
terms
requires
that
payment
be
made
in
some
16
medium
of
exchange
other
than
gold
or
silver
coin,
the
bill
17
states
that
the
parties
may
mutually
agree
to
payment
of
the
18
transaction
with
gold
or
silver
coin
at
such
rate
of
exchange
19
between
the
other
medium
of
exchange
originally
stipulated
in
20
the
transaction
and
gold
or
silver
coin
as
the
parties
may
21
deem
appropriate.
The
bill
provides
that
a
person
may
not
22
compel
any
other
person
to
accept
gold
and
silver
coin
as
legal
23
tender,
and
that
designation
of
gold
and
silver
coin
as
legal
24
tender
shall
not
preclude
or
prejudice
the
use
by
any
person
25
for
any
legal
purpose
of
any
medium
of
exchange,
currency,
or
26
money,
in
addition
to
gold
and
silver
coin,
which
has
been
27
designated
legal
tender
under
the
laws
of
the
United
States.
28
The
bill
states
that
a
transaction
entered
into
by
a
person
29
which
involves
the
exchange
of
any
gold
or
silver
coin
which
30
is
legal
tender
for
some
medium
of
exchange
other
than
gold
or
31
silver
coin
which
has
been
designated
legal
tender
shall
not
be
32
subject
to
any
sales,
excise,
gross
receipts,
income,
capital
33
gains,
or
other
form
of
tax
or
public
charge
under
the
laws
of
34
this
state.
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The
bill
directs
the
division
of
banking
of
the
department
1
of
insurance
and
financial
services
to
conduct
a
study
to
2
evaluate
establishing
a
state
gold
and
silver
coin
depository
3
whereby
customers
could
utilize
debit
cards
linked
to
gold
4
and
silver
coin
investments
to
transfer
gold
and
silver
coins
5
between
accounts.
In
conducting
the
study,
the
division
is
6
directed
to
consider
similar
depositories
established
or
in
the
7
process
of
being
established
in
other
states,
and
to
assess
the
8
advantages,
disadvantages,
implementation
of,
and
estimated
9
utilization
of
such
a
depository.
The
division
is
required
to
10
submit
a
report
containing
its
recommendations
to
the
general
11
assembly
by
January
1,
2025.
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