Amends TCA Title 5; Title 6; Title 7; Title 9; Title 38; Title 45 and Title 67.

This bill provides the following with regard to gold and silver:<br /> <br /> (1) Gold and silver coinage must be accepted as legal tender, at their spot price, and must be receivable in payment of all debts, public or private, contracted in this state. Costs incurred in the course of verification of the weight and purity of gold or silver coinage during such transaction are borne by the receiving entity;<br /> <br /> (2) A person or entity is not required to use gold or silver coinage in the payment of any debt;<br /> <br /> (3) Except as otherwise provided in laws concerning forfeitures, gold and silver are not subject to seizure; and<br /> <br /> (4) A person or entity is authorized to produce and sell gold or silver coins in this state, if each coin is labeled in a clear and intelligible manner with the weight and purity of the coin; and the seller complies with laws applicable to scrap jewelry and metal dealers.<br /> <br /> PAYMENT OF TAXES AND DUES TO THE STATE<br /> <br /> Present law requires the trustee to receive, in discharge of public taxes and other dues to the state, besides the lawful currency of the United States, warrants on the state treasury legally outstanding in the hands of each person to whom issued and unpaid; coins of the United States; United States legal tender notes; federal reserve notes; and, in Dyer County, payment by credit card or debit card.<br /> <br /> This bill requires the trustee to also receive, in discharge of public taxes and other dues to the state, gold and silver coinage, subject to (1)-(2) above. Further, the state is required to purchase all gold and silver coinage received by the trustee pursuant to this provision at a price equivalent to the spot price at the time the trustee received the gold or silver coinage, plus any costs incurred by the trustee in the course of verification of the weight and purity of the coinage. The commissioner of revenue is also required to accept such coinage in payment of all taxes or other amounts collected by the department of revenue, subject to (1)-(2) above.<br /> <br /> DEPOSITORY INSTITUTION<br /> <br /> This bill requires gold and silver coinage received by this state through the payment of taxes or from the trustee to be stored in a depository institution, and the value of the coinage to be attributed to the balance of the reserve for revenue fluctuations. Further, the coinage must not be liquidated until all other funds in the reserve for revenue fluctuations have been expended.<br />