Mississippi House Bill 1661

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on March 5 2024 - 100% progression
Action: 2024-03-05 - Died In Committee
Text: Latest bill text (Introduced) [HTML]

An Act To Establish The Mississippi Bullion Depository; To Define The Term "legal Tender" As Specie Legal Tender And Electronic And/or Digital Currency Whose Entire And Exclusive Value Is Correlated Against The Market Value Of Gold Or Silver; To Define Other Terms Relating To The Depository; To Provide That Such Depository Is Established To Serve As The Custodian, Guardian, And Administrator Of Certain Bullion And Specie That May Be Transferred To Or Otherwise Acquired By The State Of Mississippi Or An Agency, Department, Institution, Instrumentality, Or Political Subdivision Of The State Of Mississippi; To Require That The Depository Be Administered As A Division Of The Office Of The State Treasurer And Under The Direction And Supervision Of A Bullion Depository Administrator; To Provide The Duties Of The Bullion Depository Administrator; To Authorize The Depository To Receive A Deposit Of Bullion Or Specie From Or On Behalf Of A Person Acting In The Person's Own Right, As Trustee, Or In Another Fiduciary Capacity, In Accordance With Any Rules Or Regulations Adopted By The State Treasurer; To Require That The Depository Record The Amount Of Precious Metals A Person Deposits, Regardless Of Form, In Units Of Troy Ounces Pure, And The Record Must Also Specify The Type And Quantity Of Each Precious Metal Deposited; To Authorize The State Treasurer To Restrict The Forms In Which Deposits Of Precious Metals May Be Made To Those Forms That Conveniently Lend Themselves To Measurement And Accounting In Units Of Troy Ounces And Standardized Fractions Of Troy Ounces; To Require The Depository To Deliver Any Precious Metal Held By Or On Behalf Of The Depository In Bullion, Specie, Or A Combination Thereof, On The Order Of A Depository Account Holder In A Quantity Of That Precious Metal As Is Available In Such Account Holder's Account; To Authorize A Depository Account Holder To Transfer Any Portion Of The Balance Of The Holder's Depository Account By Check, Draft, Or Digital Electronic Instruction To Another Depository Account Holder Or To A Person Who At The Time The Transfer Is Initiated Is Not A Depository Account Holder; To Require A Depositor To Contract With The Depository To Be Able To Establish A Depository Account; To Provide Certain Requirements For Such Contract Between A Depository And Depositor; To Provide That A Cause Of Action For Denial Of Deposit Liability On A Depository Account Contract Without A Maturity Date Does Not Accrue Until The Depository Has Denied Liability And Given Notice Of The Denial To The Depository Account Holder; To Provide That A Depository Account May Be Transferred On The Books Of The Depository Only On Presentation To The Depository Of Evidence Of Transfer Satisfactory To The Depository And An Application For The Transfer Submitted By The Person To Whom The Depository Account Is To Be Transferred; To Prohibit The Depository From Paying On A Depository Account Any Interest, An Amount In The Nature Of Interest, Or A Fee Or Other Payment For The Use Or Forbearance Of Use Of Money, Bullion, Specie, Or Precious Metals Deposited To A Depository Account; To Provide That The Depository Has A Lien On Each Depository Account Owned By A Depository Account Holder To Secure Any Fees, Charges, Or Other Obligations Owed Or That May Become Owed To The Depository In Connection With Any Of Such Account Holder's Depository Accounts As Provided By The Terms Of The Account Holder's Applicable Depository Account Contract; To Authorize The Depository, Without Notice To Or Consent Of The Depository Account Holder, To Transfer On The Depository's Books The Balance Of Such Account Holder's Depository Account To Pay Or Satisfy The Obligation Upon Default In The Payment Or In The Satisfaction Of Such Account Holder's Obligation, As Determined By Reference To The Exchange Rates Applicable At The Time Of The Transfer; To Authorize Certain Individuals And Entities To Invest Money In A Depository Account By Purchasing Precious Metals And Depositing Such Precious Metals With The Depository Or A Depository Agent; To Provide That Unless A Term Of The Depository Account Provides Otherwise, A Person On Whose Signature Precious Metals May Be Withdrawn From A Depository Account That Is Jointly Held In The Names Of Two Or More Persons May, By A Signed Pledge, Pledge And Transfer To The Depository Or To A Third Party All Or Part Of The Account; To Authorize The Depository Or A Depository Agent To Accept A Depository Account In The Name Of A Fiduciary, Including An Administrator, Executor, Custodian, Guardian, Or Trustee, For A Named Beneficiary; To Require The Depository To Recognize The Authority Of A Power Of Attorney Authorized In Writing By A Depository Account Holder To Manage Or Withdraw Precious Metals From The Depository Account Holder's Depository Account Until The Depository Receives Written Or Actual Notice Of The Revocation Of That Authority; To Require The Depository To Enter Into Transactions And Relationships With Bullion Banks, Depositories, Dealers, Central Banks, Sovereign Wealth Funds, Financial Institutions, International Nongovernmental Organizations, And Other Persons, Located Inside Or Outside Of Mississippi Or Inside Or Outside Of The United States, As The State Treasurer Determines To Be Prudent And Suitable To Facilitate The Operations Of The Depository; To Provide Certain Prohibitions For The Bullion Depository; To Require The State Treasurer To Establish The References By Which The Official Exchange Rate For Pricing Precious Metals Transactions In Terms Of United States Dollars Or Other Currency Must Be Established At The Time Of A Depository Transaction; To Require The State Treasurer To Establish Procedures And Facilities Through Which The Rates Are Made Discoverable At All Reasonable Times By System Participants, Both On A Real-time Basis And Retrospectively; To Require The State Treasurer To Establish Procedures And Requirements For The Depository And Depository Agents Designed To Minimize The Burden To System Participants Of Accounting For And Reporting Taxable Gains And Losses Arising Out Of Depository Transactions As Denominated In United States Dollars Or Another Currency; To Require The State Treasurer To Submit To The Governor And To The Legislature A Report On The Status, Condition, Operations, And Prospects For The Depository And Depository Participation Not Later Than September 30 Of Each Year; To Require That The Depository Use Private, Independently Managed Firms And Institutions Licensed As Depository Agents As Intermediaries To Conduct Retail Transactions In Bullion And Specie On Behalf Of The Depository With Current And Prospective Depository Account Holders; To Provide That The State Treasurer Shall Require A Depository Agent To Maintain Suitable Systems And Processes For Electronic Information Sharing And Communication With The State Treasurer And The Depository To Ensure That All Transactions Effected On Behalf Of The Depository Are Reported To And Integrated Into The Depository's Records Not Later Than 11:59:59 P.m. On The Date Of Each Transaction; To Require A Depository Agent To Submit Monthly, Quarterly, And Annual Reports Of All Depository Transactions No Later Than The 15th Day Of The Month Following The Expiration Of The Period With Respect To Which Report Is Submitted; To Provide That A Person May Not Engage In The Business Of Rendering Depository Agent Services Or Advertise, Solicit, Or Hold Itself Out As A Person That Engages In The Business Of Such Services Unless The Person Is Licensed, And Has Received The Requisite Certifications; To Provide That A Person Engages In The Business Of Depository Agent Services If The Person Renders A Depository Agent Service, Regardless Of Whether Compensation Is Sought Or Received For The Service, Directly Or Indirectly Or If The Service Is Incidental To Any Other Business In Which The Person Is Primarily Engaged; To Provide That A Person Solicits, Advertises, Or Holds The Person Out As A Person That Engages In The Business Of Depository Agent Services If The Person Represents That The Person Will Conduct Depository Agent Services; To Authorize A Depository Agent License Holder To Engage In Depository Agent Services Business At One Or More Locations In Mississippi Owned Directly Or Indirectly By The License Holder Under A Single License; To Require An Applicant For A Depository Agent License To Submit An Application To The State Treasurer And To Provide Certain Requirements For Such Application; To Require The State Treasurer To Investigate Such Applicant And Accept Or Deny Such Applications; To Authorize The State Treasurer To Issue A Temporary Depository Agent License To A Person That Is Engaging In Depository Agent Services, But Has Not Obtained A License Under This Act Under Certain Circumstances; To Provide That A Depository Agent License Holder Is Liable For The Delivery To Or For The Account Of The Depository Or Each Depositor, As Applicable, Of All Bullion, Specie, And Money Payable Or Deliverable In Connection With The Transactions In Which The License Holder Engages On Behalf Of The Depository; To Require A Depository Agent License Holder To Hold In Trust All Cash, Bullion, Specie, And Other Assets Received In The Ordinary Course Of Its Business Until The Time The Delivery Obligation Is Discharged; To Require That A Depository Agent License Holder's Name And Mailing Address Or Telephone Number Must Be Provided To The Purchaser In Connection With Each Depository Agent Services Transaction Conducted By The Depository Agent License Holder; To Bring Forward Sections 75-15-3, 75-15-5, 75-15-7, 75-15-9, 75-15-11, 75-15-12, 75-15-19, 75-15-23, 75-15-25, 75-15-29, Mississippi Code Of 1972, Which Relate To The Mississippi Money Transmitters Act, For Purposes Of Possible Amendment; To Bring Forward Section 7-9-9, Mississippi Code Of 1972, Which Relates To Powers And Duties Of The State Treasurer For Purposes Of Possible Amendment; And For Related Purposes.

Mississippi Bullion Depository; establish.

Rep. Lester Carpenter [R]

Date	Chamber	Action
2024-03-05	House	Died In Committee
2024-02-19	House	Referred To Banking and Financial Services

Chapter	Article	Section	Citation Type	Statute Text
7	9	9	New Code	See Bill Text
75	15	11	New Code	See Bill Text
75	15	12	New Code	See Bill Text
75	15	19	New Code	See Bill Text
75	15	23	New Code	See Bill Text
75	15	25	New Code	See Bill Text
75	15	29	New Code	See Bill Text
75	15	3	New Code	See Bill Text
75	15	5	New Code	See Bill Text
75	15	7	New Code	See Bill Text
75	15	9	New Code	See Bill Text

Type	Source
Summary	https://billstatus.ls.state.ms.us/2024/pdf/history/HB/HB1661.xml
Text	https://billstatus.ls.state.ms.us/documents/2024/html/HB/1600-1699/HB1661IN.htm