Florida Senate - 2025 SENATOR AMENDMENT
Bill No. CS for HB 999
Ì253202eÎ253202
LEGISLATIVE ACTION
Senate . House
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Floor: 1/AD/2R .
04/29/2025 03:47 PM .
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Senator Rodriguez moved the following:
1 Senate Amendment (with title amendment)
2
3 Delete everything after the enacting clause
4 and insert:
5 Section 1. Effective July 1, 2026, upon legislative
6 ratification of rules of the Financial Services Commission and
7 the Chief Financial Officer as provided in section 17 of this
8 act, paragraph (j) of subsection (1) of section 212.05, Florida
9 Statutes, is amended to read:
10 212.05 Sales, storage, use tax.—It is hereby declared to be
11 the legislative intent that every person is exercising a taxable
12 privilege who engages in the business of selling tangible
13 personal property at retail in this state, including the
14 business of making or facilitating remote sales; who rents or
15 furnishes any of the things or services taxable under this
16 chapter; or who stores for use or consumption in this state any
17 item or article of tangible personal property as defined herein
18 and who leases or rents such property within the state.
19 (1) For the exercise of such privilege, a tax is levied on
20 each taxable transaction or incident, which tax is due and
21 payable as follows:
22 (j)1. Notwithstanding any other provision of this chapter,
23 there is hereby levied a tax on the sale, use, consumption, or
24 storage for use in this state of any coin or currency, whether
25 in circulation or not, when such coin or currency:
26 a. Is not legal tender;
27 b. If legal tender, is sold, exchanged, or traded at a rate
28 in excess of its face value; or
29 c. Is sold, exchanged, or traded at a rate based on its
30 precious metal content.
31 2. Such tax shall be at a rate of 6 percent of the price at
32 which the coin or currency is sold, exchanged, or traded, except
33 that, with respect to a coin or currency that which is legal
34 tender of the United States or any gold coin or silver coin
35 recognized as legal tender in this state pursuant to s. 215.986
36 and that which is sold, exchanged, or traded, such tax shall not
37 be levied. The person who claims the sales tax exemption bears
38 the burden of determining whether the gold coin or silver coin
39 meets the definitions provided in s. 215.986. In the absence of
40 evidence to the contrary, there is a presumption that the gold
41 coin or silver coin meets the percent purity requirements
42 provided in s. 215.986 based upon:
43 a. The purity imprinted or stamped on the gold coin or
44 silver coin; or
45 b. An electronic transfer, as defined in s. 215.986(1)(b),
46 of a gold coin or silver coin or any fraction thereof.
47 3. There are exempt from this tax exchanges of coins or
48 currency which are in general circulation in, and legal tender
49 of, one nation for coins or currency which are in general
50 circulation in, and legal tender of, another nation when
51 exchanged solely for use as legal tender and at an exchange rate
52 based on the relative value of each as a medium of exchange.
53 4. With respect to any transaction that involves the sale
54 of coins or currency taxable under this paragraph in which the
55 taxable amount represented by the sale of such coins or currency
56 exceeds $500, the entire amount represented by the sale of such
57 coins or currency is exempt from the tax imposed under this
58 paragraph. The dealer must maintain proper documentation, as
59 prescribed by rule of the department, to identify that portion
60 of a transaction which involves the sale of coins or currency
61 and is exempt under this subparagraph.
62 Section 2. Effective July 1, 2026, upon legislative
63 ratification of rules of the Financial Services Commission and
64 the Chief Financial Officer as provided in section 17 of this
65 act, section 215.986, Florida Statutes, is created to read:
66 215.986 Gold and silver coin as legal tender.—
67 (1) DEFINITIONS.—As used in this section, the term:
68 (a) “Debt” means an obligation for the payment of money
69 under express contract.
70 (b) “Electronic transfer” means any instruction, other than
71 a transaction by check, draft, or similar paper instrument,
72 which is initiated through debit card, mobile application, or
73 computer to order, instruct, or authorize a financial
74 institution as defined in s. 655.005(1)(i) or a money services
75 business as defined in s. 560.103 to debit or credit an account
76 with gold coin or silver coin or any fraction thereof, or the
77 equivalent coin or currency of the United States or foreign
78 currency converted at current market price. An “electronic
79 transfer” includes, but is not limited to, an instruction in a
80 debit card transaction that authorizes the debit or credit of an
81 account in a single, integrated step at the point of sale.
82 (c) “Gold coin” means a precious metal with the chemical
83 element of atomic number 79 in solid form, in the shape of
84 rounds, bars, ingots, or bullion coins, which is valued for its
85 metal content and stamped or imprinted with its weight and
86 purity and which solid form of chemical element atomic number 79
87 consists of at least 99.5 percent purity. The term does not
88 include any goods as defined in s. 672.105(1), such as jewelry,
89 other items of utility, such as picture frames, or collectables.
90 (d) “Governmental entity” means a state, regional, county,
91 municipal, special district, or other political subdivision,
92 whether executive, judicial, or legislative, including, but not
93 limited to, a department, a division, a board, a bureau, a
94 commission, an authority, a district, or an agency thereof, or a
95 public school, a Florida College System institution, a state
96 university, or an associated board.
97 (e) “Legal tender” means a medium of exchange recognized by
98 this state pursuant to s. 10, Art. I of the United States
99 Constitution as a valid and legal offer of payment for debts
100 when tendered to a creditor that agrees to receive such medium
101 of exchange.
102 (f) “Silver coin” means a precious metal with the chemical
103 element of atomic number 47 in solid form, in the shape of
104 rounds, bars, ingots, or bullion coins, which is valued for its
105 metal content and is stamped or imprinted with its weight and
106 purity and which solid form of chemical element atomic number 47
107 consists of at least 99.9 percent purity. The term does not mean
108 any goods as defined in s. 672.105(1), such as jewelry, other
109 items of utility, such as picture frames, or collectables.
110 (2) LEGAL TENDER.—Gold coin and silver coin that meet the
111 requirements of this section are recognized as legal tender by
112 this state for the payment of debts incurred on or after July 1,
113 2026.
114 (a) Gold coin or silver coin recognized as legal tender in
115 this section may not be imprinted, stamped, or otherwise marked
116 with any name, symbol, or other information or design,
117 including, but not limited to, any suggestion that such coin has
118 been minted or issued by any government, except that such coin
119 must be imprinted, stamped, or otherwise marked with the coin’s
120 weight and purity and may be imprinted, stamped, or otherwise
121 marked with the name or symbol that identifies any refiner or
122 mint of the gold coin or silver coin. A gold coin or silver coin
123 that does not meet the requirements of this paragraph is not
124 recognized as legal tender for the payment of debts in this
125 state.
126 (b) This section may not be construed to restrict the
127 electronic transfer of gold coin or silver coin as tender for
128 the payment of a debt.
129 (c) This section may not be construed as altering the legal
130 tender status of any United States coins or currency that has
131 been prescribed as legal tender under federal law. Such coins or
132 currency do not fall within the scope of this section and this
133 section does not reauthorize or redesignate such coins or
134 currency as legal tender. To the extent that any gold coin or
135 silver coin minted or issued by the United States or a foreign
136 government falls within the definitions in this section, federal
137 law recognizing whether the foreign or United States minted or
138 issued coins are legal tender, including any United States coins
139 denominated in United States dollars, shall prevail.
140 (d) This section may not be construed to prohibit or limit
141 the tender, acceptance, or use of Federal Reserve notes in the
142 payment of debts.
143 (e) A person or an entity, including any governmental
144 entity, may not be required to offer or accept any recognized
145 legal tender as described in this subsection for the payment of
146 a debt, deposit, or any other purpose. A person or an entity,
147 including any governmental entity, may not incur any liability
148 for refusing to offer or accept such legal tender, except as
149 specifically provided for by contract.
150 (3) GOVERNMENT IMPLEMENTATION.—A governmental entity may
151 accept gold coin or silver coin for the payment of taxes,
152 charges, or dues levied by the state or local government or any
153 subdivision thereof. However, a governmental entity may tender
154 or accept gold coin or silver coin as payment for debts, taxes,
155 charges, or dues only by electronic transfer and may not tender
156 or accept gold coin or silver coin in physical form.
157 (a) Each governmental entity that chooses to tender or to
158 accept payment of gold coin or silver coin must enter into a
159 written contract procured through competitive bidding with a
160 qualified public depository as defined in s. 280.02.
161 (b) Unless otherwise provided in chapter 280, a custodian
162 of gold coin or silver coin as defined in s. 560.103 which holds
163 gold coin or silver coin as public deposits must meet the
164 requirements for a qualified public depository under chapter
165 280.
166 (c) A governmental entity that tenders or accepts gold coin
167 or silver coin as payment of debts, taxes, charges, and dues by
168 one of the exemptions listed in s. 280.03(3) need not comply
169 with this subsection for purposes of tendering or accepting such
170 gold coin or silver coin.
171 Section 3. Effective July 1, 2026, upon legislative
172 ratification of rules of the Financial Services Commission and
173 the Chief Financial Officer as provided in section 17 of this
174 act, section 280.21, Florida Statutes, is created to read:
175 280.21 Custodians of gold coin and silver coin.—
176 (1) A custodian of gold coin or silver coin as defined in
177 s. 560.103 which holds public deposits must do all of the
178 following:
179 (a) Meet the definition of a qualified public depository as
180 defined in s. 280.02, except that such custodian is not required
181 to be insured by the Federal Deposit Insurance Corporation or
182 the National Credit Union Share Insurance Fund for purposes of
183 holding gold coin or silver coin as defined in s. 215.986. Such
184 custodian must maintain insurance as prescribed in s. 560.214.
185 (b) Comply with all other applicable qualified public
186 depository requirements and be subject to the provisions of this
187 chapter.
188 (2) The Chief Financial Officer shall adopt rules to
189 implement this section.
190 Section 4. Effective July 1, 2026, upon legislative
191 ratification of rules of the Financial Services Commission and
192 the Chief Financial Officer as provided in section 17 of this
193 act, present subsections (13) through (19), (20) through (34),
194 and (35) and (36) of section 560.103, Florida Statutes, are
195 redesignated as subsections (14) through (20), (22) through
196 (36), and (38) and (39), respectively, new subsections (13) and
197 (21) and subsection (37) are added to that section, and present
198 subsections (18) and (24) of that section are amended, to read:
199 560.103 Definitions.—As used in this chapter, the term:
200 (13) “Custodian of gold coin or silver coin” or “custodian”
201 means any person or entity providing secure vault facilities to
202 one or more persons for the safekeeping and storage of gold coin
203 or silver coin, the ownership of which is or may be transferred
204 electronically as defined in s. 215.986(1). The term includes
205 any person who holds gold coin or silver coin for more than 10
206 days. The term does not include a person who holds gold coin or
207 silver coin for personal use as legal tender.
208 (19)(18) “Foreign currency exchanger” means a person who
209 exchanges, for compensation, currency of the United States or a
210 foreign government, gold coin, or silver coin to currency of
211 another government.
212 (21) “Gold coin” has the same meaning as in s.
213 215.986(1)(c).
214 (26)(24) “Money transmitter” means a corporation, limited
215 liability company, limited liability partnership, or foreign
216 entity qualified to do business in this state which:
217 (a) Receives currency, monetary value, a payment
218 instrument, gold coin, silver coin, or virtual currency for the
219 purpose of acting as an intermediary to transmit currency,
220 monetary value, a payment instrument, gold coin, silver coin, or
221 virtual currency from one person to another location or person
222 by any means, including transmission by wire, facsimile,
223 electronic transfer, courier, the Internet, or through bill
224 payment services or other businesses that facilitate such
225 transfer within this country, or to or from this country. The
226 term includes only an intermediary that has the ability to
227 unilaterally execute or indefinitely prevent a transaction; or
228 (b) Acts as a custodian of gold coin or silver coin.
229 (37) “Silver coin” has the same meaning as in s.
230 215.986(1)(f).
231 Section 5. Effective July 1, 2026, upon legislative
232 ratification of rules of the Financial Services Commission and
233 the Chief Financial Officer as provided in section 17 of this
234 act, subsection (1) of section 560.109, Florida Statutes, is
235 amended to read:
236 560.109 Examinations and investigations.—The office may
237 conduct examinations and investigations, within or outside this
238 state to determine whether a person has violated any provision
239 of this chapter and related rules, or of any practice or conduct
240 that creates the likelihood of material loss, insolvency, or
241 dissipation of the assets of a money services business or
242 otherwise materially prejudices the interests of their
243 customers.
244 (1) The office may, without advance notice, examine or
245 investigate each licensee as often as is warranted for the
246 protection of customers and in the public interest. However, the
247 office must examine each licensee at least once every 5 years,
248 except that a custodian of gold coin or silver coin must be
249 examined at least annually. The office may, without advance
250 notice, examine or investigate a money services business,
251 authorized vendor, affiliated party, or license applicant at any
252 time if the office suspects that the money services business,
253 authorized vendor, affiliated party, or license applicant has
254 violated or is about to violate any provision of this chapter or
255 any criminal law of this state or of the United States.
256 Section 6. Effective July 1, 2026, upon legislative
257 ratification of rules of the Financial Services Commission and
258 the Chief Financial Officer as provided in section 17 of this
259 act, subsection (3) is added to section 560.141, Florida
260 Statutes, to read:
261 560.141 License application.—
262 (3) The office shall conduct an examination of the
263 applicant, including, but not limited to, the custodian’s vault
264 facilities, before issuing a license to determine the
265 applicant’s ability to conduct business immediately upon opening
266 for business.
267 Section 7. Effective July 1, 2026, upon legislative
268 ratification of rules of the Financial Services Commission and
269 the Chief Financial Officer as provided in section 17 of this
270 act, section 560.155, Florida Statutes, is created to read:
271 560.155 Gold and silver coin as legal tender.—
272 (1) A money services business may not be required to offer
273 products or services, including, but not limited to,
274 transmitting, storing, exchanging, or accepting payment in gold
275 coin or silver coin. To the extent that a money services
276 business offers such products or services, the money services
277 business must do all of the following, as applicable:
278 (a) Except as provided in s. 560.214, maintain separate
279 accounts for any gold coin or silver coin and not commingle such
280 gold coin or silver coin with any other accounts that hold coin
281 or currency of the United States or of another country.
282 (b) Insure the gold coin or silver coin, if not otherwise
283 insured by an independent custodian of gold coin or silver coin
284 pursuant to s. 560.214(1)(i), for 100 percent of the full
285 replacement value under an all-risk insurance policy issued by a
286 nongovernmental operated insurer that is an authorized insurer
287 or eligible surplus lines insurer.
288 (c) Securely store and safeguard all physical gold coin or
289 silver coin with a custodian of gold coin or silver coin within
290 this state.
291 (d) Ensure that any gold coin or silver coin that is
292 purchased for use or circulation as legal tender is from an
293 accredited refiner or wholesaler as prescribed by commission
294 rule which certifies that the gold coin or silver coin being
295 purchased meets the requirements of gold coin and silver coin.
296 (e) Make disclosures to a customer at the inception of the
297 relationship for providing products or services relating to gold
298 coin or silver coin before a customer initially purchases or
299 uses a money services business product or service relating to
300 such coin, prescribed on a form adopted by the commission. The
301 commission must adopt rules to prescribe the general form of
302 such disclosures. Such disclosures must include, at a minimum,
303 all of the following:
304 1. Notice that the value of gold coin or silver coin will
305 fluctuate over time and that such customer should seek
306 professional advice about whether transacting in gold coin or
307 silver coin may incur a federal capital gains tax.
308 2. Notice of potential fees that may be incurred for
309 converting gold coin or silver coin to United States dollars or
310 other currency, or any other transaction fees that may be
311 incurred which can be incorporated by referencing the company’s
312 terms and conditions.
313 3. Any additional disclosures the commission deems
314 necessary for the protection of any person or entity that
315 tenders or accepts gold coin or silver coin for the payment of
316 debts, taxes, charges, or dues.
317 (f) Provide transparent contracts, products, services,
318 storage terms, and fees, including, but not limited to,
319 purchase, sale, conversion, storage, delivery, transaction, or
320 other fees. The spot rate at which any gold coin or silver coin
321 is converted must be disclosed at the time that the gold coin or
322 silver coin is converted.
323 (g) Comply with chain of custody requirements, as
324 prescribed by commission rule.
325 (h) Comply with all other applicable state and federal laws
326 and regulations.
327 (2) The commission must adopt rules to implement this
328 section.
329 Section 8. Effective July 1, 2026, upon legislative
330 ratification of rules of the Financial Services Commission and
331 the Chief Financial Officer as provided in section 17 of this
332 act, section 560.205, Florida Statutes, is amended to read:
333 560.205 Additional license application requirements.—In
334 addition to the license application requirements under part I of
335 this chapter, an applicant seeking a license under this part
336 must also submit any information required to be submitted by
337 each applicant under the relevant subsection to the office.:
338 (1) Any applicant seeking to operate as a payment
339 instrument seller or money transmitter must provide all of the
340 following information to the office:
341 (a) A sample authorized vendor contract, if applicable.
342 (b)(2) A sample form of payment instrument, if applicable.
343 (c)(3) Documents demonstrating that the net worth and
344 bonding requirements specified in s. 560.209 have been
345 fulfilled.
346 (d)(4) A copy of the applicant’s financial audit report for
347 the most recent fiscal year. If the applicant is a wholly owned
348 subsidiary of another corporation, the financial audit report on
349 the parent corporation’s financial statements satisfies shall
350 satisfy this requirement.
351 (2) Any applicant seeking to operate as a money transmitter
352 that is a custodian of gold coin or silver coin must also
353 provide all of the following additional information to the
354 office:
355 (a) All requirements specified in subsection (1).
356 (b) Evidence of:
357 1. Insurance against loss for all gold coin or silver coin
358 held in its custody;
359 2. Custody of the exact quantity and type of asset for all
360 of its customers’ gold coin or silver coin held in its physical
361 custody; and
362 3. Depository accreditation from an entity approved by the
363 office.
364 (c) A statement of a business plan providing for the safe
365 and sound operation of custodial services pertaining to the
366 storage, security, insurance, auditing, administration,
367 authorized access, transacting, and transfer of gold coin or
368 silver coin to the satisfaction of the office or in accordance
369 with rules adopted by the commission.
370 Section 9. Effective July 1, 2026, upon legislative
371 ratification of rules of the Financial Services Commission and
372 the Chief Financial Officer as provided in section 17 of this
373 act, section 560.214, Florida Statutes, is created to read:
374 560.214 Custodians of gold coin or silver coin.—
375 (1) A custodian of gold coin or silver coin must meet all
376 of the following requirements:
377 (a) Be located in a manner that enables rapid response time
378 by law enforcement.
379 (b) Meet security requirements in accordance with industry
380 standards, including, but not limited to:
381 1. Use of a high-security vault rated by a reputable
382 private security testing company approved by the office.
383 2. Physical security and video surveillance 24 hours a day,
384 7 days a week;
385 3. Biometric or multi-factor access controls;
386 4. Facility design that is disaster-resistant, including
387 resistant to fire, flood, hurricanes, and earthquakes; and
388 5. Annual review of security procedures and, as necessary,
389 updates of security procedures.
390 (c) Maintain accurate accounting records identifying all
391 owners’ gold coin or silver coin and the custodian’s own gold
392 coin or silver coin.
393 (d) Maintain records detailing the inventory system,
394 including, but not limited to, serial number and bar number
395 tracking and ledger accounts.
396 (e) Segregate asset classes that are not gold coin or
397 silver coin.
398 (f) Store gold coin or silver coin on a fully allocated
399 basis with an undivided interest for each owner. As used in this
400 paragraph, the term:
401 1. “Fully allocated” means that each owner has a direct and
402 specific legal claim to the exact gold coin or silver coin, or
403 portion thereof, equal to their deposit that is held by the
404 custodian of gold coin or silver coin.
405 2. “Undivided interest” means all owners share the physical
406 gold coin or silver coin collectively, with each owner entitled
407 to a proportional share of the total holdings equal to their
408 ownership, even though the gold coin or silver coin may be
409 stored as a larger unit.
410 (g) Comply with chain of custody requirements, as
411 prescribed by commission rule.
412 (h) Have its custodial holdings examined or audited at
413 least annually by an independent certified public accountant or
414 other auditor acceptable to the office. The auditor must verify
415 that the custodian’s custodial assets are sufficient to cover
416 all owner holdings and are held as represented. The results of
417 such audit or examination must be reported to the office.
418 (i) Maintain insurance covering 100 percent of the full
419 replacement value of the stored gold coin or silver coin under
420 an all-risk insurance policy for loss, theft, damage, and
421 employee dishonesty by an authorized insurer or eligible surplus
422 lines insurer.
423 (j) Maintain secure technology, including all of the
424 following cybersecurity measures:
425 1. Secure online portal for account access.
426 2. Data encrypted in transit and at rest.
427 3. Two-factor authentication for login.
428 4. Annual cybersecurity audits and vulnerability
429 assessments.
430 (k) Maintain custody within this state of the exact
431 quantity and type of gold coin or silver coin as that entrusted
432 by each owner.
433 (l) Refrain from selling, lending, pledging,
434 rehypothecating, or encumbering any owner’s gold coin or silver
435 coin except to the extent directed by the owner for a transfer
436 or transaction.
437 (m) Comply with anti-money laundering regulations pursuant
438 to this chapter, and any applicable state or federal
439 regulations.
440 (n) Comply with all other applicable state and federal laws
441 and regulations.
442 (2) For a custodian that has a direct contractual
443 relationship with an owner of the gold coin or silver coin, in
444 addition to the requirements provided in subsection (1), such
445 custodian must also comply with all of the following
446 requirements:
447 (a) Furnish to each owner, at the inception of the
448 relationship for providing products or services relating to gold
449 coin or silver coin and on at least an annual basis, a clear,
450 written disclosure of the terms and conditions of the custodial
451 arrangement and the associated risks of such arrangement as
452 prescribed by commission rule. Such disclosure must include that
453 the gold coin or silver coin is not insured by the Federal
454 Deposit Insurance Corporation, National Credit Union
455 Association, or Securities Investor Protection Corporation but
456 is privately insured covering 100 percent of the full
457 replacement value of the gold coin or silver coin as provided in
458 paragraph (1)(i), and that the owner’s gold coin or silver coin
459 is held by a licensed custodian under Florida law.
460 (b) Provide quarterly account statements to an owner which
461 itemize the gold coin or silver coin in custody for such owner,
462 and promptly deliver an updated statement upon the owner’s
463 request.
464 (c) Return the owner’s gold coin or silver coin to the
465 owner upon the owner’s request, which return must meet all of
466 the following requirements, as applicable:
467 1. The custodian must deliver possession of the physical
468 gold coin or silver coin no later than 10 business days after
469 the date of the owner’s request;
470 2. The owner may direct and the custodian must return
471 physical gold coin or silver coin at the minimum weight of at
472 least 1 gram; the custodian may also return some or all of the
473 owners gold coin and silver coin at higher weights;
474 3. Any holdings of gold coin or silver coin less than 1
475 whole gram may be converted, at the discretion of the custodian,
476 to United States currency at the market rate at the time the
477 request is received by such custodian;
478 4. The owner may direct that any or all of his or her
479 holdings of gold coin or silver coin be converted to United
480 States currency and be delivered to the owner within 5 business
481 days after a request; and
482 5. The owner and the custodian may agree on any other terms
483 of delivery provided such terms meet the minimum requirements
484 provided in this paragraph.
485 (d) Within 10 business days after a request, make available
486 to an owner a copy of any audit report required pursuant to
487 paragraph (1)(h) which has been completed within the most recent
488 2 calendar year period.
489 (e) Not disclose information relating to an account holder,
490 including, but not limited to, the account holder’s identity,
491 account balances, account transactions, or other related data,
492 except under any of the following circumstances:
493 1. The disclosure is made with the express written consent
494 of the account holder.
495 2. The disclosure is made pursuant to a court order or a
496 subpoena issued by a court of competent jurisdiction in a civil
497 or criminal proceeding.
498 3. The disclosure is otherwise authorized or required by
499 state or federal law.
500
501 Any information obtained in violation of this paragraph is
502 inadmissible in any proceeding if a timely objection is made. A
503 subcontractor or agent of a custodian of gold coin or silver
504 coin may not disclose any information relating to an account
505 holder, including, but not limited to, the account holder’s
506 identity, account balances, account transactions, or other
507 related data, except under the circumstances described in
508 subparagraph 1., subparagraph 2., or subparagraph 3.
509 (3) A custodian is a fiduciary to its customers.
510 (4) Transmission of gold coin or silver coin by a custodian
511 to or from its customer is a two-party transaction for which the
512 office has jurisdiction.
513 (5) The commission must adopt rules to implement this
514 section.
515 Section 10. Effective July 1, 2026, upon legislative
516 ratification of rules of the Financial Services Commission and
517 the Chief Financial Officer as provided in section 17 of this
518 act, paragraph (e) of subsection (3) of section 655.50, Florida
519 Statutes, is amended to read:
520 655.50 Florida Control of Money Laundering and Terrorist
521 Financing in Financial Institutions Act.—
522 (3) As used in this section, the term:
523 (e) “Monetary instruments” means coin or currency of the
524 United States or of any other country, travelers’ checks,
525 personal checks, bank checks, money orders, stored value cards,
526 prepaid cards, gold coin or silver coin as defined in s.
527 215.986, investment securities or negotiable instruments in
528 bearer form or otherwise in such form that title thereto passes
529 upon delivery, or similar devices.
530 Section 11. Effective July 1, 2026, upon legislative
531 ratification of rules of the Financial Services Commission and
532 the Chief Financial Officer as provided in section 17 of this
533 act, section 655.97, Florida Statutes, is created to read:
534 655.97 Gold and silver coin as legal tender.—
535 (1) As used in this section, the term:
536 (a) “Custodian of gold coin or silver coin” or “custodian”
537 has the same meaning as in s. 560.103(13).
538 (b) “Electronic transfer” has the same meaning as in s.
539 215.986(1)(b).
540 (c) “Gold coin” has the same meaning as in s.
541 215.986(1)(c).
542 (d) “Receive deposits” means the taking of gold coin or
543 silver coin to be credited to a new or existing account.
544 (e) “Silver coin” has the same meaning as in s.
545 215.986(1)(f).
546 (2) As provided in s. 215.986(2)(e), a financial
547 institution may not be required to offer any products or
548 services relating to gold coin or silver coin, including, but
549 not limited to, taking any of the following actions:
550 (a) Receiving deposits consisting of gold coin or silver
551 coin, whether in physical form or by electronic transfer.
552 (b) Exchanging gold coin or silver coin for coin or
553 currency of the United States or of another country.
554 (3) A financial institution may not incur any liability for
555 refusing to offer products or services relating to gold coin or
556 silver coin as provided in subsection (1), except as
557 specifically provided by contract.
558 (4) To the extent that a financial institution accepts gold
559 coin or silver coin deposits or otherwise holds such coin on
560 behalf of its customers, members, or the public, the financial
561 institution must do all of the following:
562 (a) Except as provided in s. 560.214, maintain separate
563 accounts for any gold coin or silver coin and not commingle such
564 gold coin or silver coin with any other accounts that hold coin
565 or currency of the United States or of another country.
566 (b) Insure the gold coin or silver coin, if not otherwise
567 insured by a custodian of gold coin or silver coin pursuant to
568 s. 560.214(1)(i), for 100 percent of the full replacement value
569 under an all-risk insurance policy issued by a nongovernmental
570 operated insurer that is an authorized insurer or an eligible
571 surplus lines insurer.
572 (c) If a financial institution decides to contract with a
573 custodian of gold coin or silver coin, securely store and
574 safeguard all physical gold coin or silver coin with such
575 custodian within this state. A financial institution that
576 contracts with a custodian of gold coin or silver coin to store
577 customer deposits must disclose to such customers the name and
578 location of where the gold coin and silver coin are stored.
579 (d) Comply, or be responsible and accountable for any
580 third-party vendor that stores such gold coin or silver coin on
581 its behalf to comply, with the requirements for a custodian of
582 gold coin or silver coin as provided in s. 560.214. A financial
583 institution regulated under the financial institutions code of
584 this state which acts as a custodian is exempt from obtaining a
585 separate license as a custodian pursuant to s. 560.204(1).
586 (e) Ensure that any gold coin or silver coin purchased for
587 use or circulation as legal tender is from an accredited refiner
588 or wholesaler as prescribed by commission rule which certifies
589 that the gold coin or silver coin being purchased meets the
590 requirements of gold coin and silver coin.
591 (f) Make disclosures to a customer at the inception of the
592 relationship for providing products or services relating to gold
593 coin or silver coin before a customer initially purchases or
594 uses a product or service relating to such coin, prescribed on a
595 form adopted by the commission. The commission must adopt rules
596 to prescribe the general form of such disclosures. Such
597 disclosures must include, at a minimum, all of the following:
598 1. Notice that the value of gold coin or silver coin will
599 fluctuate over time and that such customer should seek
600 professional advice about whether transacting in gold coin or
601 silver coin may incur a federal capital gains tax.
602 2. Notice of potential fees that may be incurred for
603 converting gold coin or silver coin to United States dollars or
604 other currency, or any other transaction fees that may be
605 incurred which can be incorporated by referencing the company’s
606 terms and conditions.
607 3. Any additional disclosures the commission deems
608 necessary for the protection of any person or entity that
609 tenders or accepts gold coin or silver coin for the payment of
610 debts, taxes, charges, or dues.
611 (g) Provide transparent contracts, products, services,
612 storage terms, and fees, including, but not limited to,
613 purchase, sale, conversion, storage, delivery, transaction, or
614 other fees. The spot rate at which any gold coin or silver coin
615 is converted must be disclosed at the time the gold coin or
616 silver coin is converted.
617 (h) Comply with chain of custody requirements, as
618 prescribed by commission rule.
619 (i) Comply with all other applicable state and federal
620 regulations.
621 (5) The commission must adopt rules to implement this
622 section.
623 Section 12. Effective July 1, 2026, upon legislative
624 ratification of rules of the Financial Services Commission and
625 the Chief Financial Officer as provided in section 17 of this
626 act, subsection (2) of section 672.511, Florida Statutes, is
627 amended to read:
628 672.511 Tender of payment by buyer; payment by check.—
629 (2) Tender of payment is sufficient when made by any means
630 or in any manner current in the ordinary course of business
631 unless the seller demands payment in legal tender and gives any
632 extension of time reasonably necessary to procure it. As
633 provided in s. 215.986(2)(e), this section may not be construed
634 to compel a person to tender payment in gold coin or silver coin
635 as defined in s. 215.986.
636 Section 13. Effective July 1, 2026, upon legislative
637 ratification of rules of the Financial Services Commission and
638 the Chief Financial Officer as provided in section 17 of this
639 act, section 731.1065, Florida Statutes, is amended to read:
640 731.1065 Precious metals.—
641 (1) For the purposes of the code, gold coin or silver coin
642 that is legal tender pursuant to s. 215.986 is not tangible
643 personal property. Precious metals in any tangible form, which
644 are not legal tender pursuant to s. 215.986 and which are such
645 as bullion or coins kept and acquired for their historical,
646 artistic, collectable, or investment value apart from their
647 normal use as legal tender for payment, are tangible personal
648 property.
649 (2) This section is effective on July 1, 2026, for
650 decedents dying on or after July 1, 2026. Section 1 of chapter
651 2020-67, Laws of Florida, applies to decedents dying before July
652 1, 2026 intended to clarify existing law and applies
653 retroactively to all written instruments executed before, on, or
654 after July 1, 2020, as well as all proceedings pending or
655 commenced before, on, or after July 1, 2020, in which the
656 disposition of precious metals in any tangible form has not been
657 finally determined.
658 Section 14. Effective July 1, 2026, upon legislative
659 ratification of rules of the Financial Services Commission and
660 the Chief Financial Officer as provided in section 17 of this
661 act, paragraph (a) of subsection (4) of section 559.952, Florida
662 Statutes, is amended to read:
663 559.952 Financial Technology Sandbox.—
664 (4) EXCEPTIONS TO GENERAL LAW AND WAIVERS OF RULE
665 REQUIREMENTS.—
666 (a) Notwithstanding any other law, upon approval of a
667 Financial Technology Sandbox application, the following
668 provisions and corresponding rule requirements are not
669 applicable to the licensee during the sandbox period:
670 1. Section 516.03(1), except for the application fee, the
671 investigation fee, the requirement to provide the social
672 security numbers of control persons, evidence of liquid assets
673 of at least $25,000 or documents satisfying the requirements of
674 s. 516.05(10), and the office’s authority to investigate the
675 applicant’s background. The office may prorate the license
676 renewal fee for an extension granted under subsection (7).
677 2. Section 516.05(1) and (2), except that the office shall
678 investigate the applicant’s background.
679 3. Section 560.109, only to the extent that the section
680 requires the office to examine a licensee at least once every 5
681 years.
682 4. Section 560.118(2).
683 5. Section 560.125(1), only to the extent that the
684 subsection would prohibit a licensee from engaging in the
685 business of a money transmitter or payment instrument seller
686 during the sandbox period.
687 6. Section 560.125(2), only to the extent that the
688 subsection would prohibit a licensee from appointing an
689 authorized vendor during the sandbox period. Any authorized
690 vendor of such a licensee during the sandbox period remains
691 liable to the holder or remitter.
692 7. Section 560.128.
693 8. Section 560.141, except for s. 560.141(1)(a)1., 3., 7.
694 10. and (b), (c), and (d).
695 9. Section 560.142(1) and (2), except that the office may
696 prorate, but may not entirely eliminate, the license renewal
697 fees in s. 560.143 for an extension granted under subsection
698 (7).
699 10. Section 560.143(2), only to the extent necessary for
700 proration of the renewal fee under subparagraph 9.
701 11. Section 560.204(1), only to the extent that the
702 subsection would prohibit a licensee from engaging in, or
703 advertising that it engages in, the activity of a payment
704 instrument seller or money transmitter during the sandbox
705 period.
706 12. Section 560.205(1)(b) Section 560.205(2).
707 13. Section 560.208(2).
708 14. Section 560.209, only to the extent that the office may
709 modify, but may not entirely eliminate, the net worth, corporate
710 surety bond, and collateral deposit amounts required under that
711 section. The modified amounts must be in such lower amounts that
712 the office determines to be commensurate with the factors under
713 paragraph (5)(c) and the maximum number of consumers authorized
714 to receive the financial product or service under this section.
715 Section 15. Effective July 1, 2026, upon legislative
716 ratification of rules of the Financial Services Commission and
717 the Chief Financial Officer as provided in section 17 of this
718 act, the Division of Law Revision is directed to:
719 (1) Add s. 560.155, Florida Statutes, as created by this
720 act, to part I of chapter 560, Florida Statutes.
721 (2) Add s. 560.214, Florida Statutes, as created by this
722 act, to part II of chapter 560, Florida Statutes.
723 (3) Rename part II of chapter 560, Florida Statutes,
724 entitled “Payment Instruments and Funds Transmission” as
725 “Payment Instruments, Funds Transmission, and Custodians of Gold
726 and Silver Coin,” consisting of ss. 560.203-560.214, Florida
727 Statutes.
728 Section 16. (1) The Department of Financial Services and
729 the Office of Financial Regulation must submit a report by
730 November 1, 2025, to the Governor, the President of the Senate,
731 and the Speaker of the House of Representatives which contains
732 all the following information:
733 (a) The rules adopted by the Financial Services Commission
734 and the rules adopted by the Chief Financial Officer to
735 implement this act.
736 (b) Whether the department intends to tender or accept gold
737 coin or silver coin as payment of debts, taxes, charges, or
738 dues.
739 (c) Whether the department or office anticipates any
740 unintended consequences that may harm Florida’s economy or its
741 citizens by the implementation of this act.
742 (d) If applicable, an explanation of any challenges that
743 require additional legislation to enable the state to choose to
744 accept gold coin or silver coin as legal tender for payment of
745 debts, taxes, charges, or dues pursuant to s. 215.986, Florida
746 Statutes. The department and office must provide proposed
747 language for potential legislation to address any challenges
748 identified.
749 (e) Any other recommendations to implement this act. The
750 department and office must provide proposed language for
751 additional legislation that is needed to implement this act.
752 Such additional legislation includes, but is not limited to,
753 public records exemption language for the expanded exemption
754 coverage under chapters 560 and 655, Florida Statutes, and
755 language for the expanded application of fees to custodians of
756 gold coin and silver coin in s. 560.141(1)(b), Florida Statutes.
757 (2) This section is effective upon becoming a law.
758 Section 17. (1) The Chief Financial Officer shall adopt
759 rules to implement s. 280.21, Florida Statutes, as created by
760 this act. The Financial Services Commission shall adopt rules to
761 implement any provisions in chapter 560, Florida Statutes, or
762 chapter 655, Florida Statutes, as created or amended by this
763 act, including, but not limited to, ss. 560.155, 560.214, and
764 655.97, Florida Statutes. Such rules must be adopted by November
765 1, 2025, and submitted to the President of the Senate and
766 Speaker of the House of Representatives on or before November 1,
767 2025, in the report specified in section 16. Such rules may not
768 take effect until they are ratified by the Legislature. The
769 Chief Financial Officer and the Financial Services Commission
770 shall notify the Division of Law Revision upon legislative
771 ratification of such rules.
772 (2) This section is effective upon becoming a law solely
773 for the purpose of adopting the rules required under this
774 section, but such rules may not be implemented until such rules
775 are ratified by the Legislature and until such time that the
776 provisions for which the rules are adopted become law.
777 Section 18. (1) To avoid this act taking effect before the
778 required rules have been adopted and ratified, this act shall
779 stand repealed on June 30, 2026, unless reviewed and saved from
780 repeal through reenactment by the Legislature after ratification
781 of the required rules.
782 (2) This section is effective upon becoming a law.
783 Section 19. Except as otherwise expressly provided in this
784 act and except for this section, which shall take effect upon
785 this act becoming a law, this act shall take effect July 1,
786 2026.
787
788 ================= T I T L E A M E N D M E N T ================
789 And the title is amended as follows:
790 Delete everything before the enacting clause
791 and insert:
792 A bill to be entitled
793 An act relating to legal tender; amending s. 212.05,
794 F.S.; revising the sales and use tax exemption for
795 certain coin or currency; specifying that a person who
796 claims the sales tax exemption bears the burden for
797 determining whether the gold coin or silver coin meets
798 a specified definition; providing a presumption
799 regarding the purity requirements of gold coin and
800 silver coin; creating s. 215.986, F.S.; defining
801 terms; specifying that gold coin and silver coin are
802 recognized as legal tender for a specified purpose;
803 prohibiting gold cold or silver coin recognized as
804 legal tender from being imprinted, stamped, or
805 otherwise marked in a specified manner; providing an
806 exception; specifying that a gold coin or silver coin
807 that does not meet certain requirements is not
808 recognized as legal tender for a specified purpose;
809 providing construction; prohibiting persons or
810 entities from being required to offer or accept any
811 legal tender for a specified purpose; prohibiting
812 persons or entities from incurring liability for
813 refusing to offer or accept legal tender; providing an
814 exception; authorizing a governmental entity to accept
815 gold coin or silver coin for a specified purpose and
816 only in a specified manner; authorizing governmental
817 entities to tender or accept gold coin or silver coin
818 for certain purposes; authorizing governmental
819 entities to tender or accept gold coin or silver coin
820 by electronic transfer and not in physical form;
821 requiring governmental entities to enter into
822 specified written contracts under certain
823 circumstances; requiring certain custodians of gold
824 coin or silver coin to meet certain requirements;
825 specifying that a governmental entity that tenders or
826 accepts gold coin or silver coin under certain
827 circumstances need not comply with certain provisions;
828 creating s. 280.21, F.S.; requiring custodians of gold
829 coin or silver coin which hold public deposits to meet
830 certain requirements; requiring the Chief Financial
831 Officer to adopt rules; amending s. 560.103, F.S.;
832 revising definitions and defining terms; amending s.
833 560.109, F.S.; requiring the Office of Financial
834 Regulation to examine a custodian of gold coin or
835 silver coin at least annually; amending s. 560.141,
836 F.S.; authorizing the office to conduct an examination
837 of certain applicants before issuing a specified
838 license; creating s. 560.155, F.S.; prohibiting money
839 services businesses from being required to offer
840 certain products or services; specifying certain
841 requirements if money services businesses offer
842 certain products or services; requiring the Financial
843 Services Commission to adopt rules; amending s.
844 560.205, F.S.; requiring applicants seeking to operate
845 as a payment instrument seller, money transmitter, or
846 a custodian of gold coin or silver coin to provide
847 specified information to the office; creating s.
848 560.214, F.S.; requiring a custodian of gold coin or
849 silver coin to meet certain requirements; defining the
850 terms “fully allocated” and “undivided interest”;
851 specifying that a custodian is a fiduciary to its
852 customers; specifying that transmission of gold coin
853 or silver coin in a specified manner is a two-party
854 transaction; requiring the commission to adopt rules;
855 amending s. 655.50, F.S.; revising the definition of
856 the term “monetary instrument”; creating s. 655.97,
857 F.S.; defining terms; prohibiting financial
858 institutions from being required to offer certain
859 products or services; prohibiting financial
860 institutions from incurring liability for refusing to
861 offer certain products or services; specifying certain
862 requirements if financial institutions offer certain
863 products or services; requiring the commission to
864 adopt rules; amending s. 672.511, F.S.; providing
865 construction; amending s. 731.1065, F.S.; specifying
866 that gold or silver coin that is legal tender is not
867 tangible personal property; specifying that certain
868 provisions are effective for decedents on or after a
869 specified date; providing applicability; deleting
870 construction and applicability; amending s. 559.952,
871 F.S.; conforming a cross-reference; providing
872 directives to the Division of Law Revision; requiring,
873 by a specified date, the Department of Financial
874 Services and the Office of Financial Regulation to
875 submit a specified report to the Governor and the
876 Legislature; requiring the Chief Financial Officer and
877 the Financial Services Commission to adopt rules;
878 requiring that such rules be adopted by a specified
879 date and submitted to the Legislature in a specified
880 report; providing that such rules may not take effect
881 until ratified by the Legislature; requiring the Chief
882 Financial Officer and the Financial Services
883 Commission to make a specified notification to the
884 Division of Law Revision; prohibiting such rules from
885 being implemented until a specified time; repealing
886 certain provisions unless reviewed and saved from the
887 repeal through reenactment; providing effective dates.