Legal tender, gold and silver
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill proposes to designate certain gold and silver specie as legal tender in South Carolina. It also authorizes the State Comptroller General to create electronic systems and rules for handling gold and silver transactions. The bill aims to allow for the use of gold and silver as a form of payment, while excluding U.S. coins and currency and preventing individuals from being required to accept them.
Key provisions
- Designates gold and silver specie as legal tender in South Carolina.
- Authorizes the Comptroller General to establish electronic systems for gold and silver transactions.
- Permits the Comptroller General to contract with vendors to implement the system.
- Requires the Comptroller General to adopt rules for security, valuation, and administration.
- Prohibits requiring individuals to accept gold and silver as payment.
- Specifies that the bill does not apply to U.S. coins or currency.
- Includes a provision to prioritize vendors located in South Carolina.
- Addresses potential risks of fraud and transactions with foreign adversaries.
Who is affected
- Businesses and individuals who deal in gold and silver.
- The South Carolina State Comptroller General.
- Financial institutions potentially involved in electronic transactions.
- Consumers who may wish to use gold or silver as payment.
Bill text
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