PCS for HB 999 — Act Relating to Legal Tender (Commerce Committee, 2025)
Summary
PCS for HB 999 2025 is a bill to be entitled an act relating to legal tender. The title digest revises the sales and use tax exemption for coin or currency, puts on a person claiming the exemption the burden of determining whether a gold coin or silver coin meets a specified definition, and creates a section making gold coin and silver coin legal tender for a specified purpose. It also provides that persons cannot be required to offer or accept any legal tender, and sets requirements for custodians of gold coin or silver coin that hold public deposits. Other provisions give the Office of Financial Regulation licensing and examination roles for those custodians and money services businesses.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
Cite this document
“PCS for HB 999 — Act Relating to Legal Tender (Commerce Committee, 2025).”
Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2025-3285-commerce-committee-proposed-committee-bills-pcbs-fn-pcs-for-ce537fa144/
, SHA-256 9253061583c680edea306877143e42d21e515e0429525c8654a3a5240266cab9.Full text
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 999 2025
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
Page 1 of 25
PCS for HB 999.docx
CODING: Words stricken are deletions; words underlined are additions.
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 999 2025
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
Page 2 of 25
PCS for HB 999.docx
CODING: Words stricken are deletions; words underlined are additions.
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 999 2025
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:
Page 3 of 25
PCS for HB 999.docx
CODING: Words stricken are deletions; words underlined are additions.
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 999 2025
76
77 Section 1. Paragraph (j) of subsection (1) of section
78 212.05, Florida Statutes, is amended to read:
79 212.05 Sales, storage, use tax.—It is hereby declared to
80 be the legislative intent that every person is exercising a
81 taxable privilege who engages in the business of selling
82 tangible personal property at retail in this state, including
83 the business of making or facilitating remote sales; who rents
84 or furnishes any of the things or services taxable under this
85 chapter; or who stores for use or consumption in this state any
86 item or article of tangible personal property as defined herein
87 and who leases or rents such property within the state.
88 (1) For the exercise of such privilege, a tax is levied on
89 each taxable transaction or incident, which tax is due and
90 payable as follows:
91 (j)1. Notwithstanding any other provision of this chapter,
92 there is hereby levied a tax on the sale, use, consumption, or
93 storage for use in this state of any coin or currency, whether
94 in circulation or not, when such coin or currency:
95 a. Is not legal tender; or
96 b. If legal tender, is sold, exchanged, or traded at a
97 rate in excess of its face value.; or
98 c. Is sold, exchanged, or traded at a rate based on its
99 precious metal content.
100 2. Such tax shall be at a rate of 6 percent of the price
Page 4 of 25
PCS for HB 999.docx
CODING: Words stricken are deletions; words underlined are additions.
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 999 2025
101 at which the coin or currency is sold, exchanged, or traded,
102 except that, with respect to a coin or currency which is legal
103 tender of the United States and which is sold, exchanged, or
104 traded, such tax shall not be levied or any gold coin or silver
105 coin that is legal tender in this state pursuant to s. 215.986.
106 3. There are exempt from this tax exchanges of coins or
107 currency which are in general circulation in, and legal tender
108 of, one nation for coins or currency which are in general
109 circulation in, and legal tender of, another nation when
110 exchanged solely for use as legal tender and at an exchange rate
111 based on the relative value of each as a medium of exchange.
112 4. With respect to any transaction that involves the sale
113 of coins or currency taxable under this paragraph in which the
114 taxable amount represented by the sale of such coins or currency
115 exceeds $500, the entire amount represented by the sale of such
116 coins or currency is exempt from the tax imposed under this
117 paragraph. The dealer must maintain proper documentation, as
118 prescribed by rule of the department, to identify that portion
119 of a transaction which involves the sale of coins or currency
120 and is exempt under this subparagraph.
121 Section 2. Section 215.986, Florida Statutes, is created
122 to read:
123 215.986 Gold and silver coin as legal tender.—
124 (1) DEFINITIONS.-As used in this section, the term:
125 (a) "Debt" means an obligation for the payment of money
Page 5 of 25
PCS for HB 999.docx
CODING: Words stricken are deletions; words underlined are additions.
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 999 2025
126 under contract, whether expressed or implied, which includes
127 judgments and recognizance. The term "debt" does not include
128 taxes, charges, or dues imposed by the state.
129 (b) "Electronic transfer" means any instruction, other
130 than a transaction by check, draft, or similar paper instrument,
131 which is initiated through debit card, mobile application, or
132 computer to order, instruct, or authorize a financial
133 institution as defined in s. 655.005(1)(i) or a money services
134 business as defined in s. 560.103 to debit or credit an account
135 with gold coin or silver coin or any fraction thereof, the
136 equivalent value in United States currency converted at current
137 market price. For debit card transactions, this instruction
138 shall authorize the debit in at the point of sale.
139 (c) "Gold coin" means a precious metal with the chemical
140 element of atomic number 79 in solid form, typically in the
141 shape of rounds, bars, ingots, or bullion coins, which is valued
142 for its metal content and stamped or imprinted with its weight
143 and which consists of at least 99.5 percent purity. The term
144 "coin" does not mean any goods as defined in s. 672.105(1), such
145 as jewelry, other items of utility such as picture frames, or
146 keepsakes.
147 (d) "Governmental entity" means a state, regional, county,
148 municipal, special district, or other political subdivision,
149 whether executive, judicial, or legislative, including, but not
150 limited to, a department, a division, a board, a bureau, a
Page 6 of 25
PCS for HB 999.docx
CODING: Words stricken are deletions; words underlined are additions.
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 999 2025
151 commission, an authority, a district, or an agency thereof, or a
152 public school, a Florida College System institution, a state
153 university, or an associated board.
154 (e) "Legal tender" means a medium of exchange that is
155 authorized by this state pursuant to s. 10, Art. I of the United
156 States Constitution for the payment of a debt.
157 (f) "Silver coin" means a precious metal with the chemical
158 element of atomic number 47, in solid form typically in the
159 shape of rounds, bars, ingots, or bullion coins, which is valued
160 for its metal content and is stamped or imprinted with a weight
161 that consists of at least 99.9 percent purity. The term "coin"
162 does not mean any goods as defined in s. 672.105(1), such as
163 jewelry, other items of utility such as picture frames, or
164 keepsakes.
165 (2) LEGAL TENDER.-Effective January 1, 2026, gold coin and
166 silver coin are legal tender for the payment of a debt in this
167 state.
168 (a) This section may not be construed to restrict the
169 electronic transfer of gold coin or silver coin as tender for
170 the payment of a debt.
171 (b) A person may not be required to offer or accept any
172 recognized legal tender, as described in this subsection, for
173 the payment of a debt, deposit, or any other purpose. A person
174 may not incur any liability for refusing to offer or accept such
175 legal tender, except as specifically provided for by contract.
Page 7 of 25
PCS for HB 999.docx
CODING: Words stricken are deletions; words underlined are additions.
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 999 2025
176 (c) A governmental entity may accept gold coin or silver
177 coin for the payment of taxes or fees levied by the state or
178 local government or any subdivision thereof. However, a
179 governmental entity may tender or accept gold coin or silver
180 coin as payment for a debts, taxes, or fees only by electronic
181 transfer and may not tender or accept gold coin or silver coin
182 in physical form.
183 (d) This section may not be construed as altering the legal
184 tender status of any United States coins or currency that has
185 been prescribed as legal tender under Federal law. Such coins or
186 currency do not fall within the scope of this section.
187 (3) GOVERNMENT IMPLEMENTATION.—Each governmental entity
188 that intends to tender or to accept payment of gold coin or
189 silver coin may enter into a written contract which must be
190 procured through competitive bidding with a qualified public
191 depository as defined in s. 280.02.
192 (a) Unless otherwise provided in chapter 280, a custodian
193 of gold coin or silver coin, as that term is defined in s.
194 560.103, which holds gold coin or silver coin as public deposits
195 must meet the requirements for qualified public depositories
196 under that chapter.
197 (b) A governmental entity that tenders or accepts gold
198 coin or silver coin as payment of a debt by one of the
199 exemptions listed in s. 280.03(3) need not comply with this
200 subsection for purposes of tendering or accepting such gold coin
Page 8 of 25
PCS for HB 999.docx
CODING: Words stricken are deletions; words underlined are additions.
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 999 2025
201 or silver coin.
202 Section 3. Section 280.21, Florida Statutes, is created to
203 read:
204 280.21 Custodians of gold coin and silver coin.—A
205 custodian of gold coin or silver coin as that term is defined in
206 s. 560.103 which holds public deposits must do all of the
207 following:
208 (1) Meet the definition of a qualified public depository
209 as defined in s. 280.02, except that such custodian is not
210 required to be insured by the Federal Deposit Insurance
211 Corporation or the National Credit Union Share Insurance Fund
212 for purposes of holding gold coin or silver coin as defined in
213 s. 215.986.
214 (2) Comply with all other applicable qualified public
215 depository requirements and be subject to the provisions of this
216 chapter.
217 Section 4. Present subsections (13) through (19), (20)
218 through (34), and (35) and (36) of section 560.103, Florida
219 Statutes, are redesignated as subsections (14) through (20),
220 (22) through (36), and (38) and (39), respectively, new
221 subsections (13), (21), and (37) are added to that section, and
222 present subsections (18), (23), and (24) of that section are
223 amended, to read:
224 560.103 Definitions.—As used in this chapter, the term:
225 (13) "Custodian of gold coin or silver coin" means any
Page 9 of 25
PCS for HB 999.docx
CODING: Words stricken are deletions; words underlined are additions.
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 999 2025
226 entity providing secure vault facilities for the safekeeping and
227 storage of gold coin or silver coin, the ownership of which is
228 or may be transferred electronically as defined in s.
229 215.986(1). The term includes any person who holds gold coin or
230 silver coin for more than 10 days.
231 (19)(18) "Foreign currency exchanger" means a person who
232 exchanges, for compensation, currency of the United States or a
233 foreign government, gold coin, or silver coin to currency of
234 another government.
235 (21) "Gold coin" has the same meaning as in s. 215.986.
236 (25)(23) "Money services business" means any person
237 located in or doing business in this state, from this state, or
238 into this state from locations outside this state or country who
239 acts as a payment instrument seller, foreign currency exchanger,
240 check casher, or money transmitter, or custodian of gold coin or
241 silver coin.
242 (26)(24) "Money transmitter" means a corporation, limited
243 liability company, limited liability partnership, or foreign
244 entity qualified to do business in this state which receives
245 currency, monetary value, a payment instrument, gold coin or
246 silver coin, or virtual currency for the purpose of acting as an
247 intermediary to transmit currency, monetary value, a payment
248 instrument, gold coin or silver coin, or virtual currency from
249 one person to another location or person by any means, including
250 transmission by wire, facsimile, electronic transfer, courier,
Page 10 of 25
PCS for HB 999.docx
CODING: Words stricken are deletions; words underlined are additions.
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 999 2025
251 the Internet, or through bill payment services or other
252 businesses that facilitate such transfer within this country, or
253 to or from this country. The term includes only an intermediary
254 that has the ability to unilaterally execute or indefinitely
255 prevent a transaction.
256 (37) "Silver coin" has the same meaning as in s. 215.986.
257 Section 5. Subsection (3) is added to section 560.141,
258 Florida Statutes, to read:
259 560.141 License application.—
260 (3) The office must approve an application for a custodian
261 of gold coin or silver coin if the applicant demonstrates
262 compliance with the provisions of this chapter and the rules
263 adopted by the commission requiring guidelines for the storage,
264 security, insurance, auditing, administration, authorized
265 access, transacting, and transfer of gold coin or silver coin.
266 The office may conduct an examination of the applicant before
267 issuing a license to determine the applicant's ability to
268 conduct business immediately upon opening for business.
269 Section 6. Present subsection (5) of section 560.142,
270 Florida Statutes, is redesignated as subsection (6), and a new
271 subsection (5) is added to that section, to read:
272 560.142 License renewal.—
273 (5) The office must approve a renewal application for a
274 custodian of gold coin or silver coin if the licensee
275 demonstrates compliance with the applicable provisions of this
Page 11 of 25
PCS for HB 999.docx
CODING: Words stricken are deletions; words underlined are additions.
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 999 2025
276 chapter and with the rules adopted by the commission requiring
277 guidelines for the storage, security, insurance, auditing,
278 administration, authorized access, transacting, and transfer of
279 gold coin or silver coin.
280 Section 7. Section 560.150, Florida Statutes, is created
281 to read:
282 560.150 Gold and silver coin as legal tender.—
283 (1) A money services business may not be required to offer
284 products or services, including, but not limited to,
285 transmitting, storing, exchanging, or accepting payment in gold
286 coin or silver coin. To the extent that a money services
287 business offers such products or services, the money services
288 business must do all of the following:
289 (a) Insure the gold coin or silver coin, if not otherwise
290 insured by an independent custodian of gold coin or silver coin,
291 for 100 percent of the full replacement value of any deposit
292 under an all-risk insurance policy issued by a nongovernmental
293 operated insurer that is an authorized insurer or eligible
294 surplus lines insurer.
295 (b) Securely store and safeguard all physical gold coin or
296 silver coin with a custodian of gold coin or silver coin within
297 this state.
298 (c) Include any fee to convert gold coin or silver coin to
299 coin or currency of the United States or of another country in
300 the total maximum interchange transaction fee that an issuer may
Page 12 of 25
PCS for HB 999.docx
CODING: Words stricken are deletions; words underlined are additions.
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 999 2025
301 charge with respect to an electronic debit transaction as
302 provided under the Electronic Fund Transfer Act in 15 U.S.C. s.
303 1693 et seq.
304 (d) Ensure that any gold coin or silver coin that is
305 purchased for use or circulation as legal tender is from an
306 accredited refiner or wholesaler, as prescribed by commission
307 rule, that certifies that the gold coin or silver coin being
308 purchased meets the requirements of gold coin and silver coin
309 defined in s. 215.986.
310 (e) Comply with chain of custody requirements, as
311 prescribed by commission rule.
312 (f) Comply with all other applicable state and federal
313 regulations.
314 (2) The commission may adopt rules as necessary to
315 implement this section.
316 Section 8. Subsection (1) of section 560.204, Florida
317 Statutes, is amended to read:
318 560.204 License required.—
319 (1) Unless exempted, a person may not engage in, or in any
320 manner advertise that they engage in, the activity of a payment
321 instrument seller, or money transmitter, or custodian of gold
322 coin or silver coin for compensation, without first obtaining a
323 license under this part. For purposes of this subsection, the
324 term "compensation" includes profit or loss on the exchange of
325 currency, monetary value, or virtual currency.
Page 13 of 25
PCS for HB 999.docx
CODING: Words stricken are deletions; words underlined are additions.
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 999 2025
326 Section 9. Section 560.205, Florida Statutes, is amended
327 to read:
328 560.205 Additional license application requirements.—In
329 addition to the license application requirements under part I of
330 this chapter, an applicant seeking a license under this part
331 must also submit any information required by this section to the
332 office.:
333 (1) Any applicant seeking to operate as a payment
334 instrument seller or money transmitter must provide all of the
335 following information to the office:
336 (a) A sample authorized vendor contract, if applicable.
337 (b)(2) A sample form of payment instrument, if applicable.
338 (c)(3) Documents demonstrating that the net worth and
339 bonding requirements specified in s. 560.209 have been
340 fulfilled.
341 (d)(4) A copy of the applicant's financial audit report
342 for the most recent fiscal year. If the applicant is a wholly
343 owned subsidiary of another corporation, the financial audit
344 report on the parent corporation's financial statements
345 satisfies shall satisfy this requirement.
346 (2) Any applicant seeking to operate as a custodian of
347 gold coin or silver coin must provide all of the following
348 information to the office:
349 (a) All requirements specified in subsection(1).
350 (b) Evidence of:
Page 14 of 25
PCS for HB 999.docx
CODING: Words stricken are deletions; words underlined are additions.
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 999 2025
351 1. Insurance against loss for all gold coin and silver
352 coin held in its custody;
353 2. Custody of the same quantity and type of asset for all
354 current gold coin or silver coin held in its custody; and
355 3. Depository accreditation from an entity approved by the
356 office.
357 (c) A statement of a business plan providing for the safe
358 and sound operation of custodial services pertaining to the
359 storage, security, insurance, auditing, administration,
360 authorized access, transacting, and transfer of gold coin or
361 silver coin to the satisfaction of the office or in accordance
362 with rules adopted by the commission.
363 Section 10. Section 560.214, Florida Statutes, is created
364 to read:
365 560.214 Custodians of gold coin or silver coin.—
366 (1) A custodian of gold coin or silver coin must meet all
367 of the following requirements:
368 (a) Be located in a manner that allows quick and efficient
369 movement of the gold coin or silver coin, or enables rapid
370 response time from law enforcement if necessary.
371 (b) Meet security requirements in accordance with industry
372 standards, including, but not limited to:
373 1. Use of a high-security vault rated by Underwriters'
374 Laboratories, Inc.
375 2. Physical security and video surveillance 24 hours a
Page 15 of 25
PCS for HB 999.docx
CODING: Words stricken are deletions; words underlined are additions.
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 999 2025
376 day, 7 days a week;
377 3. Biometric or multi-factor access controls;
378 4. Facility design that is disaster-resistant including
379 resistant to fire, flood, or earthquakes; and
380 5. Regular review and updates of security procedure.
381 (c) Keep customer assets segregated from the custodian's
382 own assets and from asset classes that are not gold coin and
383 silver coin.
384 (d) Store gold coin or silver coin on a fully allocated
385 basis with an undivided interest for each owner. As used in this
386 paragraph, the term:
387 1. "Fully allocated" means that each owner has a direct and
388 specific legal claim to the exact gold coin or silver coin, or
389 portion thereof, equal to their deposit that is held by the
390 custodian of gold coin or silver coin.
391 2. "Undivided Interest" means all owners share the physical
392 gold coin or silver coin collectively, with each owner entitled
393 to a proportional share of the total holdings equal to their
394 ownership, even though the gold coin or silver coin may be
395 stored as a larger unit.
396 (e) Comply with chain of custody requirements as
397 prescribed by commission rule.
398 (f) Maintain records detailing the inventory system,
399 including, but not limited to, serial number and bar number
400 tracking and ledger accounts.
Page 16 of 25
PCS for HB 999.docx
CODING: Words stricken are deletions; words underlined are additions.
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 999 2025
401 (g) Have its custodial holdings examined or audited at
402 least annually by an independent certified public accountant or
403 other auditor acceptable to the office. The auditor must verify
404 that the custodian's custodial assets are sufficient to cover
405 all customer holdings and are held as represented. The results
406 of such audit or examination must be reported to the office.
407 (h) Maintain insurance covering 100 percent of the full
408 replacement value of the stored gold coin or silver coin under
409 an all-risk insurance policy for loss, theft, damage, and
410 employee dishonesty by an authorized insurer or eligible surplus
411 lines insurer.
412 (i) Permit visits or inspections with advance notice.
413 (j) Maintain secure technology, including all of the
414 following cybersecurity measures:
415 1. Secure online portal for account access.
416 2. Data encrypted in transit and at rest.
417 3. Two-factor authentication for login.
418 4. Regular cybersecurity audits or vulnerability
419 assessments.
420 (k) Maintain custody of the same quantity and type of gold
421 coin or silver coin as that entrusted by each customer.
422 (l) Refrain from selling, lending, pledging,
423 rehypothecating, or encumbering any customer's gold coin or
424 silver coin except to the extent directed by the customer for a
425 transfer or transaction.
Page 17 of 25
PCS for HB 999.docx
CODING: Words stricken are deletions; words underlined are additions.
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 999 2025
426 (m) Comply with anti-money laundering regulation pursuant
427 to this chapter, and any applicable state or federal regulation.
428 (2) For a custodian that has a direct contractual
429 relationship with the owner of the gold coin or silver coin,
430 such custodian must also comply with all of the following
431 requirements:
432 (a) Furnish to each owner, at the inception of the
433 relationship and on at least an annual basis, a clear, written
434 disclosure of the terms and conditions of the custodial
435 arrangement and the associated risks. Such disclosure must also
436 state that gold or silver assets are not insured by the FDIC,
437 NCUA, or SIPC and that the owner's assets are held by a licensed
438 custodian under Florida law.
439 (b) Provide transparent contracts, products, services, and
440 fees, including storage and transaction fees.
441 (c) Provide quarterly account statements to an owner which
442 itemize the assets in custody for that owner, and promptly
443 deliver an updated statement.
444 (d) Return of the owner’s gold coin or silver coin to the
445 owner upon the owner’s request.
446 1. The custodian must deliver possession of the physical
447 gold coin or silver coin no later than 30 days from the date of
448 the owner's request;
449 2. The custodian is obligated to return physical gold coin
450 or silver coin at the minimum weight of any whole troy ounce of
Page 18 of 25
PCS for HB 999.docx
CODING: Words stricken are deletions; words underlined are additions.
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 999 2025
451 gold coin or silver coin that is held by the custodian as may be
452 requested by the owner;
453 3. Any holdings of gold coin or silver coin less than one
454 troy ounce may be converted, at the discretion of the custodian,
455 to United States currency at the market rate at the time the
456 request is received by such custodian;
457 4. The owner may direct that any or all of his or her
458 holdings of gold coin or silver coin be converted to United
459 States currency and be delivered to the owner within the
460 timeframe provided in subparagraph 1.;
461 5. The owner and the custodian may agree on any other terms
462 of delivery; and
463 (e) Within 30 days of a request, make available to an owner
464 a copy of any audit report required pursuant to paragraph (1)(e)
465 which has been completed within the most recent 2-year period.
466 (f) A custodian, or any of its subcontractors or agents,
467 may not disclose information relating to an account holder,
468 including, but not limited to, the account holder’s identity,
469 account balances, account transactions, or other related data,
470 except under any of the following circumstances:
471 1. The disclosure is made with the express written consent
472 of the account holder.
473 2. The disclosure is made pursuant to a court order or a
474 subpoena issued by a court of competent jurisdiction in a civil
475 or criminal proceeding.
Page 19 of 25
PCS for HB 999.docx
CODING: Words stricken are deletions; words underlined are additions.
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 999 2025
476 3. The disclosure is otherwise authorized or required by
477 state or federal law.
478
479 Any records obtained in violation of this paragraph are
480 inadmissible in any proceeding if a timely objection is made.
481 (3) A violation of any provision of this section or rules
482 adopted hereunder constitutes a violation of this chapter. The
483 office may take disciplinary action against a custodian or
484 licensee or suspend or revoke the license, as applicable, for
485 any violation of this section including, but not limited to,
486 failure to safeguard assets, insolvency, commingling of customer
487 assets, unauthorized use of assets, failure to maintain required
488 records or reports, or other unsafe or unsound practices as
489 defined in s. 655.005(1)(y).
490 (4) Obligations of a custodian to an owner of gold coin or
491 silver coin under this section are fiduciary in nature for
492 purposes of determining the priority of claims or losses.
493 (5) The commission may adopt rules as necessary to
494 implement this section.
495 Section 11. Paragraph (e) of subsection (3) of section
496 655.50, Florida Statutes, is amended to read:
497 655.50 Florida Control of Money Laundering and Terrorist
498 Financing in Financial Institutions Act.—
499 (3) As used in this section, the term:
500 (e) "Monetary instruments" means coin or currency of the
Page 20 of 25
PCS for HB 999.docx
CODING: Words stricken are deletions; words underlined are additions.
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 999 2025
501 United States or of any other country, travelers' checks,
502 personal checks, bank checks, money orders, stored value cards,
503 prepaid cards, gold coin or silver coin as those terms are
504 defined in s. 215.986, investment securities or negotiable
505 instruments in bearer form or otherwise in such form that title
506 thereto passes upon delivery, or similar devices.
507 Section 12. Section 655.970, Florida Statutes, is created
508 to read:
509 655.970 Gold and silver coin as legal tender.—
510 (1) A financial institution may not be required to take
511 any of the following actions:
512 (a) Receive deposits, as that term is defined in s.
513 658.26(5)(c), consisting of gold coin or silver coin, as those
514 terms are defined in s. 215.986, whether in physical form or by
515 electronic transfer.
516 (b) Exchange gold coin or silver coin for coin or currency
517 of the United States or of another country.
518 (2) To the extent that a financial institution accepts
519 gold coin or silver coin deposits, the financial institution
520 shall do all of the following:
521 (a) Maintain separate accounts for any gold coin or silver
522 coin and not commingle such gold coin or silver coin with any
523 other coin or currency of the United States or of another
524 country.
525 (b) Insure the gold coin or silver coin, if not otherwise
Page 21 of 25
PCS for HB 999.docx
CODING: Words stricken are deletions; words underlined are additions.
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 999 2025
526 insured by the custodian of gold coin or silver coin, for 100
527 percent of the full replacement value of any deposit under an
528 all-risk insurance policy issued by a nongovernmental-operated
529 insurer that is an authorized insurer or an eligible surplus
530 lines insurer.
531 (c) Securely store and safeguard all physical gold coin or
532 silver coin with a custodian of gold or silver coin within this
533 state.
534 (d) Comply, or be responsible and accountable for any
535 third-party vendor that stores such gold coin and silver coin to
536 comply, with the requirements for a custodian of gold coin or
537 silver coin as provided in s. 560.214.
538 (e) Ensure that any gold coin or silver coin purchased for
539 use or circulation as legal tender is from an accredited refiner
540 or wholesaler that certifies that the gold coin or silver coin
541 being purchased meets the requirements of gold coin and silver
542 coin defined in s. 215.986.
543 (f) Comply with all other applicable state and federal
544 regulations.
545 (3) The commission may adopt rules as necessary to
546 implement this section.
547 Section 13. Subsection (2) of section 672.511, Florida
548 Statutes, is amended to read:
549 672.511 Tender of payment by buyer; payment by check.—
550 (2) Tender of payment is sufficient when made by any means
Page 22 of 25
PCS for HB 999.docx
CODING: Words stricken are deletions; words underlined are additions.
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 999 2025
551 or in any manner current in the ordinary course of business
552 unless the seller demands payment in legal tender and gives any
553 extension of time reasonably necessary to procure it. As
554 provided in s. 215.986(2)(b), this section may not be construed
555 to compel a person to tender payment in gold coin or silver
556 coin.
557 Section 14. The Department of Financial Services must
558 submit a report by January 1, 2026 to the Governor, the
559 President of the Senate, and the Speaker of the House of
560 Representatives which contains all the following information:
561 (1) The progress of implementing s. 215.986, Florida
562 Statutes.
563 (2) An explanation of any challenge that requires
564 additional legislation to ensure that gold coin or silver coin
565 may be accepted by the state as legal tender for payment of
566 debts pursuant to s. 215.986, Florida Statutes.
567 Section 15. Paragraph (a) of subsection (4) of section
568 559.952, Florida Statutes, is amended to read:
569 559.952 Financial Technology Sandbox.—
570 (4) EXCEPTIONS TO GENERAL LAW AND WAIVERS OF RULE
571 REQUIREMENTS.—
572 (a) Notwithstanding any other law, upon approval of a
573 Financial Technology Sandbox application, the following
574 provisions and corresponding rule requirements are not
575 applicable to the licensee during the sandbox period:
Page 23 of 25
PCS for HB 999.docx
CODING: Words stricken are deletions; words underlined are additions.
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 999 2025
576 1. Section 516.03(1), except for the application fee, the
577 investigation fee, the requirement to provide the social
578 security numbers of control persons, evidence of liquid assets
579 of at least $25,000 or documents satisfying the requirements of
580 s. 516.05(10), and the office's authority to investigate the
581 applicant's background. The office may prorate the license
582 renewal fee for an extension granted under subsection (7).
583 2. Section 516.05(1) and (2), except that the office shall
584 investigate the applicant's background.
585 3. Section 560.109, only to the extent that the section
586 requires the office to examine a licensee at least once every 5
587 years.
588 4. Section 560.118(2).
589 5. Section 560.125(1), only to the extent that the
590 subsection would prohibit a licensee from engaging in the
591 business of a money transmitter or payment instrument seller
592 during the sandbox period.
593 6. Section 560.125(2), only to the extent that the
594 subsection would prohibit a licensee from appointing an
595 authorized vendor during the sandbox period. Any authorized
596 vendor of such a licensee during the sandbox period remains
597 liable to the holder or remitter.
598 7. Section 560.128.
599 8. Section 560.141, except for s. 560.141(1)(a)1., 3., 7.-
600 10. and (b), (c), and (d).
Page 24 of 25
PCS for HB 999.docx
CODING: Words stricken are deletions; words underlined are additions.
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 999 2025
601 9. Section 560.142(1) and (2), except that the office may
602 prorate, but may not entirely eliminate, the license renewal
603 fees in s. 560.143 for an extension granted under subsection
604 (7).
605 10. Section 560.143(2), only to the extent necessary for
606 proration of the renewal fee under subparagraph 9.
607 11. Section 560.204(1), only to the extent that the
608 subsection would prohibit a licensee from engaging in, or
609 advertising that it engages in, the activity of a payment
610 instrument seller or money transmitter during the sandbox
611 period.
612 12. Section 560.205(1)(b) Section 560.205(2).
613 13. Section 560.208(2).
614 14. Section 560.209, only to the extent that the office
615 may modify, but may not entirely eliminate, the net worth,
616 corporate surety bond, and collateral deposit amounts required
617 under that section. The modified amounts must be in such lower
618 amounts that the office determines to be commensurate with the
619 factors under paragraph (5)(c) and the maximum number of
620 consumers authorized to receive the financial product or service
621 under this section.
622 Section 16. This act shall take effect upon becoming a
623 law.
624
Page 25 of 25
PCS for HB 999.docx
CODING: Words stricken are deletions; words underlined are additions.
File and source
- File
- 2025_3285_commerce-committee_proposed-committee-bills-pcbs_fn-pcs-for-hb-999.pdf
- Size
- 235,989 bytes
- SHA-256
- 9253061583c680edea306877143e42d21e515e0429525c8654a3a5240266cab9
- Original
- No public link identified.