Florida Senate - 2025 CS for SB 132
By the Committee on Banking and Insurance; and Senators
Rodriguez, Gruters, and Burgess
597-03074-25 2025132c1
1 A bill to be entitled
2 An act relating to legal tender; amending s. 212.02,
3 F.S.; revising the term “tangible personal property”;
4 amending s. 212.05, F.S.; revising the sales and use
5 tax of coin or currency tax exemption; specifying that
6 a person who claims the sales tax exemption bears the
7 burden for determining whether the gold coin or silver
8 coin meets a specified definition; providing a
9 presumption regarding the purity requirements of gold
10 coin and silver coin; creating s. 215.986, F.S.;
11 defining terms; specifying, beginning on a specified
12 date, that gold coin and silver coin are legal tender
13 for a specified purpose; providing construction;
14 prohibiting persons from being required to offer or
15 accept any legal tender for a specified purpose;
16 prohibiting persons from incurring liability for
17 refusing to offer or accept legal tender; providing an
18 exception; authorizing a governmental entity to accept
19 gold coin or silver coin for a specified purpose and
20 only in a specified manner; providing applicability;
21 providing construction; authorizing governmental
22 entities to enter into written contracts under certain
23 circumstances; requiring certain custodians of gold
24 coin or silver coin to meet certain requirements;
25 specifying that a governmental entity that tenders or
26 accepts gold coin or silver coin under certain
27 circumstances need not comply with certain provisions;
28 creating s. 280.21, F.S.; requiring custodians of gold
29 coin or silver coin which hold public deposits to meet
30 certain requirements; amending s. 560.103, F.S.;
31 revising definitions and defining terms; amending s.
32 560.141, F.S.; requiring the Office of Financial
33 Regulation to approve an application for a custodian
34 of gold coin or silver coin under certain
35 circumstances; authorizing the office to conduct an
36 examination of certain applicants before issuing a
37 specified license; amending s. 560.142, F.S.;
38 requiring the office to approve a renewal application
39 for a custodian of gold coin or silver coin under
40 certain circumstances; creating s. 560.150, F.S.;
41 prohibiting money services businesses from being
42 required to offer certain products or services;
43 specifying certain requirements if money services
44 businesses offer certain products or services;
45 authorizing the Financial Services Commission to adopt
46 rules; amending s. 560.204, F.S.; prohibiting a person
47 from engaging in or advertising that they engage in
48 the activity of a custodian of gold or coin or silver
49 coin for compensation without a license; amending s.
50 560.205, F.S.; requiring applicants seeking to operate
51 as a payment instrument seller, money transmitter, or
52 a custodian of gold coin or silver coin to provide
53 specified information to the office; amending s.
54 560.214, F.S.; requiring a custodian of gold coin or
55 silver coin to meet certain requirements; specifying
56 that certain actions constitute a violation of certain
57 provisions; authorizing the office to take certain
58 disciplinary actions; specifying that the obligations
59 of a custodian to an owner of gold coin or silver coin
60 are fiduciary in nature for a specified purpose;
61 authorizing the commission to adopt rules; amending s.
62 655.50, F.S.; revising the definition of the term
63 “monetary instrument”; creating s. 655.970, F.S.;
64 prohibiting financial institutions from being required
65 to take certain actions; requiring financial
66 institutions to take actions under certain
67 circumstances; authorizing the commission to adopt
68 rules; amending s. 672.511, F.S.; providing
69 construction; requiring, by a specified date, the
70 Department of Financial Services to submit a specified
71 report to the Governor and the Legislature; amending
72 s. 559.952, F.S.; conforming a cross-reference;
73 providing an effective date.
74
75 Be It Enacted by the Legislature of the State of Florida:
76
77 Section 1. Subsection (19) of section 212.02, Florida
78 Statutes, is amended to read:
79 212.02 Definitions.—The following terms and phrases when
80 used in this chapter have the meanings ascribed to them in this
81 section, except where the context clearly indicates a different
82 meaning:
83 (19) “Tangible personal property” means and includes
84 personal property which may be seen, weighed, measured, or
85 touched or is in any manner perceptible to the senses, including
86 electric power or energy, boats, motor vehicles and mobile homes
87 as defined in s. 320.01(1) and (2), aircraft as defined in s.
88 330.27, and all other types of vehicles. The term “tangible
89 personal property” does not include stocks, bonds, notes,
90 insurance, gold coin or silver coin as those terms are defined
91 in s. 215.986, or other obligations or securities or pari-mutuel
92 tickets sold or issued under the racing laws of the state.
93 Section 2. Paragraph (j) of subsection (1) of section
94 212.05, Florida Statutes, is amended to read:
95 212.05 Sales, storage, use tax.—It is hereby declared to be
96 the legislative intent that every person is exercising a taxable
97 privilege who engages in the business of selling tangible
98 personal property at retail in this state, including the
99 business of making or facilitating remote sales; who rents or
100 furnishes any of the things or services taxable under this
101 chapter; or who stores for use or consumption in this state any
102 item or article of tangible personal property as defined herein
103 and who leases or rents such property within the state.
104 (1) For the exercise of such privilege, a tax is levied on
105 each taxable transaction or incident, which tax is due and
106 payable as follows:
107 (j)1. Notwithstanding any other provision of this chapter,
108 there is hereby levied a tax on the sale, use, consumption, or
109 storage for use in this state of any coin or currency, whether
110 in circulation or not, when such coin or currency:
111 a. Is not legal tender;
112 b. If legal tender, is sold, exchanged, or traded at a rate
113 in excess of its face value; or
114 c. Is sold, exchanged, or traded at a rate based on its
115 precious metal content.
116 2. Such tax shall be at a rate of 6 percent of the price at
117 which the coin or currency is sold, exchanged, or traded, except
118 that, with respect to a coin or currency which is legal tender
119 of the United States or any gold coin or silver coin declared
120 legal tender in this state pursuant to s. 215.986 and which is
121 sold, exchanged, or traded, such tax shall not be levied. The
122 person that claims the sales tax exemption bears the burden of
123 determining whether the gold coin or silver coin meets the
124 definitions provided in s. 215.986. In the absence of evidence
125 to the contrary, there is a presumption that the gold coin or
126 silver coin meets the percent purity requirements provided in s.
127 215.986 based upon:
128 a. The purity imprinted or stamped on the gold coin or
129 silver coin; or
130 b. An electronic transfer, as defined in s. 215.986(1)(b),
131 of a gold coin or silver coin or any fraction thereof.
132 3. There are exempt from this tax exchanges of coins or
133 currency which are in general circulation in, and legal tender
134 of, one nation for coins or currency which are in general
135 circulation in, and legal tender of, another nation when
136 exchanged solely for use as legal tender and at an exchange rate
137 based on the relative value of each as a medium of exchange.
138 4. With respect to any transaction that involves the sale
139 of coins or currency taxable under this paragraph in which the
140 taxable amount represented by the sale of such coins or currency
141 exceeds $500, the entire amount represented by the sale of such
142 coins or currency is exempt from the tax imposed under this
143 paragraph. The dealer must maintain proper documentation, as
144 prescribed by rule of the department, to identify that portion
145 of a transaction which involves the sale of coins or currency
146 and is exempt under this subparagraph.
147 Section 3. Section 215.986, Florida Statutes, is created to
148 read:
149 215.986 Gold and silver coin as legal tender.—
150 (1) DEFINITIONS.-As used in this section, the term:
151 (a) “Debt” means an obligation for the payment of money
152 under contract, whether expressed or implied, which includes
153 judgments and recognizance. The term “debt” does not include
154 taxes, charges, or dues imposed by the state.
155 (b) “Electronic transfer” means any transfer of gold coin
156 or silver coin, or any fraction thereof, other than a
157 transaction by check, draft, or similar paper instrument, which
158 is initiated through debit card, mobile application, or computer
159 to order, instruct, or authorize a financial institution as
160 defined in s. 655.005(1)(i) or a money services business as
161 defined in s. 560.103 to debit or credit an account with gold
162 coin or silver coin or the equivalent coin or currency of the
163 United States converted at current market price.
164 (c) “Gold coin” means a precious metal with the chemical
165 element of atomic number 79 in solid form, typically in the
166 shape of rounds, bars, ingots, or bullion coins, which is valued
167 for its metal content and stamped or imprinted with its weight
168 and which consists of at least 99.5 percent purity. The term
169 “coin” does not mean any goods as defined in s. 672.105(1), such
170 as jewelry, other items of utility such as picture frames, or
171 keepsakes.
172 (d) “Governmental entity” means a state, regional, county,
173 municipal, special district, or other political subdivision,
174 whether executive, judicial, or legislative, including, but not
175 limited to, a department, a division, a board, a bureau, a
176 commission, an authority, a district, or an agency thereof, or a
177 public school, a Florida College System institution, a state
178 university, or an associated board.
179 (e) “Legal tender” means a medium of exchange that is
180 authorized by this state pursuant to s. 10, Art. I of the United
181 States Constitution for the payment of a debt.
182 (f) “Silver coin” means a precious metal with the chemical
183 element of atomic number 47, in solid form typically in the
184 shape of rounds, bars, ingots, or bullion coins, which is valued
185 for its metal content and is stamped or imprinted with a weight
186 that consists of at least 99.9 percent purity. The term “coin”
187 does not mean any goods as defined in s. 672.105(1), such as
188 jewelry, other items of utility such as picture frames, or
189 keepsakes.
190 (2) LEGAL TENDER.-Effective January 1, 2026, gold coin and
191 silver coin are legal tender for the payment of a debt in this
192 state.
193 (a) This section may not be construed to restrict the
194 electronic transfer of gold coin or silver coin as tender for
195 the payment of a debt.
196 (b) A person may not be required to offer or accept any
197 recognized legal tender, as described in this subsection, for
198 the payment of a debt, deposit, or any other purpose. A person
199 may not incur any liability for refusing to offer or accept such
200 legal tender, except as specifically provided for by contract.
201 (c) A governmental entity may accept gold coin or silver
202 coin for the payment of taxes or fees levied by the state or
203 local government or any subdivision thereof. However, a
204 governmental entity may tender or accept gold coin or silver
205 coin as payment for a debt only by electronic transfer and may
206 not tender or accept gold coin or silver coin in physical form.
207 (d) This section may not apply after the death of a system
208 participant or account holder and may not affect the definitions
209 of “tangible personal property” or “precious metals” for the
210 purposes of chapters 731-738.
211 (e) This section does not exempt a person from any
212 applicable federal tax law, rule, or regulation.
213 (3) GOVERNMENT IMPLEMENTATION.—Each governmental entity
214 that intends to tender or to accept payment of gold coin or
215 silver coin may enter into a written contract which must be
216 procured through competitive bidding with a qualified public
217 depository as defined in s. 280.02.
218 (a) Unless otherwise provided in chapter 280, a custodian
219 of gold coin or silver coin, as that term is defined in s.
220 560.103, which holds gold coin or silver coin as public deposits
221 must meet the requirements for qualified public depositories
222 under that chapter.
223 (b) A governmental entity that tenders or accepts gold coin
224 or silver coin as payment of a debt by one of the exemptions
225 listed in s. 280.03(3) need not comply with this subsection for
226 purposes of tendering or accepting such gold coin or silver
227 coin.
228 Section 4. Section 280.21, Florida Statutes, is created to
229 read:
230 280.21 Custodians of gold coin and silver coin.—A custodian
231 of gold coin or silver coin as that term is defined in s.
232 560.103 which holds public deposits must do all of the
233 following:
234 (1) Meet the definition of a qualified public depository as
235 defined in s. 280.02, except that such custodian is not required
236 to be insured by the Federal Deposit Insurance Corporation or
237 the National Credit Union Share Insurance Fund for purposes of
238 holding gold coin or silver coin as defined in s. 215.986.
239 (2) Comply with all other applicable qualified public
240 depository requirements and be subject to the provisions of this
241 chapter.
242 Section 5. Present subsections (13) through (19), (20)
243 through (34), and (35) and (36) of section 560.103, Florida
244 Statutes, are redesignated as subsections (14) through (20),
245 (22) through (36), and (38) and (39), respectively, new
246 subsections (13), (21), and (37) are added to that section, and
247 present subsections (18), (23), and (24) of that section are
248 amended, to read:
249 560.103 Definitions.—As used in this chapter, the term:
250 (13) “Custodian of gold coin or silver coin” means any
251 person or entity providing secure vault facilities for the
252 safekeeping and storage of gold coin or silver coin, the
253 ownership of which is or may be transferred electronically as
254 defined in s. 215.986(1). The term includes any person who holds
255 gold coin or silver coin for more than 10 days.
256 (19)(18) “Foreign currency exchanger” means a person who
257 exchanges, for compensation, currency of the United States or a
258 foreign government, gold coin, or silver coin to currency of
259 another government.
260 (21) “Gold coin” has the same meaning as in s. 215.986.
261 (25)(23) “Money services business” means any person located
262 in or doing business in this state, from this state, or into
263 this state from locations outside this state or country who acts
264 as a payment instrument seller, foreign currency exchanger,
265 check casher, or money transmitter, or custodian of gold coin or
266 silver coin.
267 (26)(24) “Money transmitter” means a corporation, limited
268 liability company, limited liability partnership, or foreign
269 entity qualified to do business in this state which receives
270 currency, monetary value, a payment instrument, gold coin or
271 silver coin, or virtual currency for the purpose of acting as an
272 intermediary to transmit currency, monetary value, a payment
273 instrument, gold coin or silver coin, or virtual currency from
274 one person to another location or person by any means, including
275 transmission by wire, facsimile, electronic transfer, courier,
276 the Internet, or through bill payment services or other
277 businesses that facilitate such transfer within this country, or
278 to or from this country. The term includes only an intermediary
279 that has the ability to unilaterally execute or indefinitely
280 prevent a transaction.
281 (37) “Silver coin” has the same meaning as in s. 215.986.
282 Section 6. Subsection (3) is added to section 560.141,
283 Florida Statutes, to read:
284 560.141 License application.—
285 (3) The office must approve an application for a custodian
286 of gold coin or silver coin if the applicant demonstrates
287 compliance with the provisions of this chapter and the rules
288 adopted by the commission requiring guidelines for the storage,
289 security, insurance, auditing, administration, authorized
290 access, transacting, and transfer of gold coin or silver coin.
291 The office may conduct an examination of the applicant before
292 issuing a license to determine the applicant’s ability to
293 conduct business immediately upon opening for business.
294 Section 7. Present subsection (5) of section 560.142,
295 Florida Statutes, is redesignated as subsection (6), and a new
296 subsection (5) is added to that section, to read:
297 560.142 License renewal.—
298 (5) The office must approve a renewal application for a
299 custodian of gold coin or silver coin if the licensee
300 demonstrates compliance with the applicable provisions of this
301 chapter and with the rules adopted by the commission requiring
302 guidelines for the storage, security, insurance, auditing,
303 administration, authorized access, transacting, and transfer of
304 gold coin or silver coin.
305 Section 8. Section 560.150, Florida Statutes, is created to
306 read:
307 560.150 Gold and silver coin as legal tender.—
308 (1) A money services business may not be required to offer
309 products or services, including, but not limited to,
310 transmitting, storing, exchanging, or accepting payment in gold
311 coin or silver coin. To the extent that a money services
312 business offers such products or services, the money services
313 business must do all of the following:
314 (a) Insure the gold coin or silver coin, if not otherwise
315 insured by an independent custodian of gold coin or silver coin,
316 for 100 percent of the full replacement value of any deposit
317 under an all-risk insurance policy issued by a nongovernmental
318 operated insurer that is an authorized insurer or eligible
319 surplus lines insurer.
320 (b) Securely store and safeguard all physical gold coin or
321 silver coin with a custodian of gold coin or silver coin within
322 this state.
323 (c) Include any fee to convert gold coin or silver coin to
324 coin or currency of the United States or of another country in
325 the total maximum interchange transaction fee that an issuer may
326 charge with respect to an electronic debit transaction as
327 provided under the Electronic Fund Transfer Act in 15 U.S.C. s.
328 1693 et seq.
329 (d) Ensure that any gold coin or silver coin that is
330 purchased for use or circulation as legal tender is from an
331 accredited refiner or wholesaler, as prescribed by commission
332 rule, that certifies that the gold coin or silver coin being
333 purchased meets the requirements of gold coin and silver coin
334 defined in s. 215.986.
335 (e) Comply with chain of custody requirements, as
336 prescribed by commission rule.
337 (f) Comply with all other applicable state and federal
338 regulations.
339 (2) The commission may adopt rules as necessary to
340 implement this section.
341 Section 9. Subsection (1) of section 560.204, Florida
342 Statutes, is amended to read:
343 560.204 License required.—
344 (1) Unless exempted, a person may not engage in, or in any
345 manner advertise that they engage in, the activity of a payment
346 instrument seller, or money transmitter, or custodian of gold
347 coin or silver coin for compensation, without first obtaining a
348 license under this part. For purposes of this subsection, the
349 term “compensation” includes profit or loss on the exchange of
350 currency, monetary value, or virtual currency.
351 Section 10. Section 560.205, Florida Statutes, is amended
352 to read:
353 560.205 Additional license application requirements.—In
354 addition to the license application requirements under part I of
355 this chapter, an applicant seeking a license under this part
356 must also submit any information required by this section to the
357 office.:
358 (1) Any applicant seeking to operate as a payment
359 instrument seller or money transmitter must provide all of the
360 following information to the office:
361 (a) A sample authorized vendor contract, if applicable.
362 (b)(2) A sample form of payment instrument, if applicable.
363 (c)(3) Documents demonstrating that the net worth and
364 bonding requirements specified in s. 560.209 have been
365 fulfilled.
366 (d)(4) A copy of the applicant’s financial audit report for
367 the most recent fiscal year. If the applicant is a wholly owned
368 subsidiary of another corporation, the financial audit report on
369 the parent corporation’s financial statements satisfies shall
370 satisfy this requirement.
371 (2) Any applicant seeking to operate as a custodian of gold
372 coin or silver coin must provide all of the following
373 information to the office:
374 (a) All requirements specified in subsection(1).
375 (b) Evidence of:
376 1. Insurance against loss for all gold coin and silver coin
377 held in its custody;
378 2. Custody of the same quantity and type of asset for all
379 current gold coin or silver coin held in its custody; and
380 3. Depository accreditation from an entity approved by the
381 office.
382 (c) A statement of a business plan providing for the safe
383 and sound operation of custodial services pertaining to the
384 storage, security, insurance, auditing, administration,
385 authorized access, transacting, and transfer of gold coin or
386 silver coin to the satisfaction of the office or in accordance
387 with rules adopted by the commission.
388 Section 11. Section 560.214, Florida Statutes, is created
389 to read:
390 560.214 Custodians of gold coin or silver coin.—
391 (1) A custodian of gold coin or silver coin must meet all
392 of the following requirements:
393 (a) Be located in a manner that allows quick and efficient
394 movement of the gold coin or silver coin, or enables rapid
395 response time from law enforcement if necessary.
396 (b) Meet security requirements in accordance with industry
397 standards, including, but not limited to:
398 1. Use of a high-security vault rated by Underwriters’
399 Laboratories, Inc.
400 2. Physical security and video surveillance 24 hours a day,
401 7 days a week;
402 3. Biometric or multi-factor access controls;
403 4. Facility design that is disaster-resistant including
404 resistant to fire, flood, or earthquakes; and
405 5. Regular review and updates of security procedure.
406 (c) Keep customer assets segregated from the custodian’s
407 own assets and from asset classes that are not gold coin and
408 silver coin.
409 (d) Offer allocated storage where the gold coin or silver
410 coin is kept separate and identifiable, or segregated storage
411 where the gold coin or silver coin is stored apart from other
412 customers’ gold coin or silver coin.
413 (e) Comply with chain of custody requirements as prescribed
414 by commission rule.
415 (f) Maintain records detailing the inventory system,
416 including, but not limited to, serial number and bar number
417 tracking and ledger accounts.
418 (g) Have its custodial holdings examined or audited at
419 least annually by an independent certified public accountant or
420 other auditor acceptable to the office. The auditor must verify
421 that the custodian’s custodial assets are sufficient to cover
422 all customer holdings and are held as represented. The results
423 of such audit or examination must be reported to the office.
424 (h) Maintain insurance covering 100 percent of the full
425 replacement value of the stored gold coin or silver coin under
426 an all-risk insurance policy for loss, theft, damage, and
427 employee dishonesty by an authorized insurer or eligible surplus
428 lines insurer.
429 (i) Permit visits or inspections with advance notice.
430 (j) Maintain secure technology, including all of the
431 following cybersecurity measures:
432 1. Secure online portal for account access.
433 2. Data encrypted in transit and at rest.
434 3. Two-factor authentication for login.
435 4. Regular cybersecurity audits or vulnerability
436 assessments.
437 (k) Maintain custody of the same quantity and type of gold
438 coin or silver coin as that entrusted by each customer.
439 (l) Refrain from selling, lending, pledging,
440 rehypothecating, or encumbering any customer’s gold coin or
441 silver coin except to the extent directed by the customer for a
442 transfer or transaction.
443 (m) Comply with anti-money laundering regulation pursuant
444 to this chapter, and any applicable state or federal regulation.
445 (2) For a custodian that has a direct contractual
446 relationship with the owner of the gold coin or silver coin,
447 such custodian must also comply with all of the following
448 requirements:
449 (a) Furnish to each owner, at the inception of the
450 relationship and on at least an annual basis, a clear, written
451 disclosure of the terms and conditions of the custodial
452 arrangement and the associated risks. Such disclosure must also
453 state that gold or silver assets are not insured by the FDIC,
454 NCUA, or SIPC and that the owner’s assets are held by a licensed
455 custodian under Florida law.
456 (b) Provide transparent contracts, products, services, and
457 fees, including storage and transaction fees.
458 (c) Provide quarterly account statements to an owner which
459 itemize the assets in custody for that owner, and promptly
460 deliver an updated statement and return of the gold coin or
461 silver coin to the owner or as the owner directs.
462 (d) Within 30 days of a request, make available to an owner
463 a copy of any audit report required pursuant to paragraph (1)(e)
464 which has been completed within the most recent 2-year period.
465 (3) A violation of any provision of this section or rules
466 adopted hereunder constitutes a violation of this chapter. The
467 office may take disciplinary action against a custodian or
468 licensee or suspend or revoke the license, as applicable, for
469 any violation of this section including, but not limited to,
470 failure to safeguard assets, insolvency, commingling of customer
471 assets, unauthorized use of assets, failure to maintain required
472 records or reports, or other unsafe or unsound practices as
473 defined in s. 655.005(1)(y).
474 (4) Obligations of a custodian to an owner of gold coin or
475 silver coin under this section are fiduciary in nature for
476 purposes of determining the priority of claims or losses.
477 (5) The commission may adopt rules as necessary to
478 implement this section.
479 Section 12. Paragraph (e) of subsection (3) of section
480 655.50, Florida Statutes, is amended to read:
481 655.50 Florida Control of Money Laundering and Terrorist
482 Financing in Financial Institutions Act.—
483 (3) As used in this section, the term:
484 (e) “Monetary instruments” means coin or currency of the
485 United States or of any other country, travelers’ checks,
486 personal checks, bank checks, money orders, stored value cards,
487 prepaid cards, gold coin or silver coin as those terms are
488 defined in s. 215.986, investment securities or negotiable
489 instruments in bearer form or otherwise in such form that title
490 thereto passes upon delivery, or similar devices.
491 Section 13. Section 655.970, Florida Statutes, is created
492 to read:
493 655.970 Gold and silver coin as legal tender.—
494 (1) A financial institution may not be required to take any
495 of the following actions:
496 (a) Receive deposits, as that term is defined in s.
497 658.26(5)(c), consisting of gold coin or silver coin, as those
498 terms are defined in s. 215.986, whether in physical form or by
499 electronic transfer.
500 (b) Exchange gold coin or silver coin for coin or currency
501 of the United States or of another country.
502 (2) To the extent that a financial institution accepts gold
503 coin or silver coin deposits, the financial institution shall do
504 all of the following:
505 (a) Maintain separate accounts for any gold coin or silver
506 coin and not commingle such gold coin or silver coin with any
507 other coin or currency of the United States or of another
508 country.
509 (b) Insure the gold coin or silver coin, if not otherwise
510 insured by the custodian of gold coin or silver coin, for 100
511 percent of the full replacement value of any deposit under an
512 all-risk insurance policy issued by a nongovernmental-operated
513 insurer that is an authorized insurer or an eligible surplus
514 lines insurer.
515 (c) Securely store and safeguard all physical gold coin or
516 silver coin with a custodian of gold or silver coin within this
517 state.
518 (d) Comply, or be responsible and accountable for any
519 third-party vendor that stores such gold coin and silver coin to
520 comply, with the requirements for a custodian of gold coin or
521 silver coin as provided in s. 560.214.
522 (e) Include any fee to convert gold coin or silver coin to
523 coin or currency of the United States or of another country in
524 the total maximum interchange transaction fee that an issuer may
525 charge with respect to an electronic debit transaction as
526 provided under the Electronic Fund Transfer Act in 15 U.S.C. s.
527 1693 et seq.
528 (f) Ensure that any gold coin or silver coin purchased for
529 use or circulation as legal tender is from an accredited refiner
530 or wholesaler that certifies that the gold coin or silver coin
531 being purchased meets the requirements of gold coin and silver
532 coin defined in s. 215.986.
533 (g) Comply with all other applicable state and federal
534 regulations.
535 (3) The commission may adopt rules as necessary to
536 implement this section.
537 Section 14. Subsection (2) of section 672.511, Florida
538 Statutes, is amended to read:
539 672.511 Tender of payment by buyer; payment by check.—
540 (2) Tender of payment is sufficient when made by any means
541 or in any manner current in the ordinary course of business
542 unless the seller demands payment in legal tender and gives any
543 extension of time reasonably necessary to procure it. As
544 provided in s. 215.986(2)(b), this section may not be construed
545 to compel a person to tender payment in gold coin or silver
546 coin.
547 Section 15. The Department of Financial Services must
548 submit a report by January 1, 2026 to the Governor, the
549 President of the Senate, and the Speaker of the House of
550 Representatives which contains all the following information:
551 (1) The progress of implementing s. 215.986, Florida
552 Statutes.
553 (2) An explanation of any challenge that requires
554 additional legislation to ensure that gold coin or silver coin
555 may be accepted by the state as legal tender for payment of
556 debts pursuant to s. 215.986, Florida Statutes.
557 Section 16. Paragraph (a) of subsection (4) of section
558 559.952, Florida Statutes, is amended to read:
559 559.952 Financial Technology Sandbox.—
560 (4) EXCEPTIONS TO GENERAL LAW AND WAIVERS OF RULE
561 REQUIREMENTS.—
562 (a) Notwithstanding any other law, upon approval of a
563 Financial Technology Sandbox application, the following
564 provisions and corresponding rule requirements are not
565 applicable to the licensee during the sandbox period:
566 1. Section 516.03(1), except for the application fee, the
567 investigation fee, the requirement to provide the social
568 security numbers of control persons, evidence of liquid assets
569 of at least $25,000 or documents satisfying the requirements of
570 s. 516.05(10), and the office’s authority to investigate the
571 applicant’s background. The office may prorate the license
572 renewal fee for an extension granted under subsection (7).
573 2. Section 516.05(1) and (2), except that the office shall
574 investigate the applicant’s background.
575 3. Section 560.109, only to the extent that the section
576 requires the office to examine a licensee at least once every 5
577 years.
578 4. Section 560.118(2).
579 5. Section 560.125(1), only to the extent that the
580 subsection would prohibit a licensee from engaging in the
581 business of a money transmitter or payment instrument seller
582 during the sandbox period.
583 6. Section 560.125(2), only to the extent that the
584 subsection would prohibit a licensee from appointing an
585 authorized vendor during the sandbox period. Any authorized
586 vendor of such a licensee during the sandbox period remains
587 liable to the holder or remitter.
588 7. Section 560.128.
589 8. Section 560.141, except for s. 560.141(1)(a)1., 3., 7.
590 10. and (b), (c), and (d).
591 9. Section 560.142(1) and (2), except that the office may
592 prorate, but may not entirely eliminate, the license renewal
593 fees in s. 560.143 for an extension granted under subsection
594 (7).
595 10. Section 560.143(2), only to the extent necessary for
596 proration of the renewal fee under subparagraph 9.
597 11. Section 560.204(1), only to the extent that the
598 subsection would prohibit a licensee from engaging in, or
599 advertising that it engages in, the activity of a payment
600 instrument seller or money transmitter during the sandbox
601 period.
602 12. Section 560.205(1)(b) Section 560.205(2).
603 13. Section 560.208(2).
604 14. Section 560.209, only to the extent that the office may
605 modify, but may not entirely eliminate, the net worth, corporate
606 surety bond, and collateral deposit amounts required under that
607 section. The modified amounts must be in such lower amounts that
608 the office determines to be commensurate with the factors under
609 paragraph (5)(c) and the maximum number of consumers authorized
610 to receive the financial product or service under this section.
611 Section 17. This act shall take effect upon becoming a law.