speciallyblend
02-02-2009, 03:47 PM
There is GOLD in them there HILLS;):eek:
First Regular Session
Sixty-seventh General Assembly
STATE OF COLORADO
INTRODUCED
LLS NO. 09-0722.02 Ed DeCecco HOUSE BILL 09-1206
HOUSE SPONSORSHIP
Lambert,
SENATE SPONSORSHIP
Lundberg,
House Committees Senate Committees
State, Veterans, & Military Affairs
A BILL FOR AN ACT
101 CONCERNING AN ELECTRONIC CURRENCY BACKED BY RESERVES OF
102 PRECIOUS METALS.
Bill Summary
(Note: This summary applies to this bill as introduced and does
not necessarily reflect any amendments that may be subsequently
adopted.)
Establishes a system for certain transactions to allow the state and
political subdivisions to make and receive payment using an electronic
gold currency, which transactions shall include:
! Taxes and other involuntary charges;
! Purchase or sale of property by the state or a political
subdivision;
! Any payment that arises out of the exercise of eminent
Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
Capital letters indicate new material to be added to existing statute.
Dashes through the words indicate deletions from existing statute.
domain;
! Judgments, decrees, or orders; and
! Wages, salaries, fees, or other monetary compensation.
Requires tobacco taxes to be paid using electronic gold currency.
Requires the state treasurer to designate electronic gold currency
providers through which the electronic gold currency transactions will be
conducted for the state and political subdivisions. Requires any person
that wants to make or receive a payment in electronic gold currency to
maintain an account with an electronic gold currency payment provider.
Requires the state treasurer and a fiscal officer of a political subdivision
to facilitate the implementation of the electronic gold currency system.
Establishes qualifications for a designated gold currency payment
provider, which include:
! Storage of gold representing the electronic gold currency
units in each customer's account by an independent specie
vault;
! Association with, or provision of services of, a specie
exchange to allow the customers of the electronic gold
currency payment provider to undertake various
conversions involving gold and silver coin, electronic gold
currency, and legal tender of the United States.
Establishes qualifications for an independent specie vault and for
specie exchange.
Establishes civil liability and criminal penalties for the inaccurate
determination of exchange rates between electronic gold currency and
legal tender of the United States .
1 Be it enacted by the General Assembly of the State of Colorado :
2 SECTION 1. Title 24, Colorado Revised Statutes, is amended BY
3 THE ADDITION OF A NEW ARTICLE to read:
4 ARTICLE 19.3
5 Payment in Coin and Electronic Currency
6 24-19.3-101. Short title. THIS ARTICLE SHALL BE KNOWN AND
7 MAY BE CITED AS THE " COLORADO HONEST MONEY ACT".
8 24-19.3-102. Legislative declaration. (1) THE GENERAL
9 ASSEMBLY HEREBY FINDS AND DECLARES THAT:
10 (a) THE ABSENCE OF GOLD AND SILVER COIN OR OF AN ELECTRONIC
-2- HB09-1206
GOLD CURRENCY THAT IS PAYABLE IN A SPECIFIED WEIGHT OF GOLD METAL
AND CONVERTIBLE ON DEMAND INTO GOLD AND SILVER COIN AS MEDIA OF
EXCHANGE BETWEEN THE STATE OF COLORADO AND THE CITIZENS,
INHABITANTS, AND BUSINESSES OF THE STATE:
(I) EXPOSES THE STATE AND THE CITIZENS, INHABITANTS, AND
BUSINESSES OF THE STATE TO CHRONIC PROBLEMS AND POTENTIALLY
SERIOUS CRISES THAT MAY ARISE FROM THE ECONOMIC AND POLITICAL
INSTABILITY OF THE PRESENT DOMESTIC AND INTERNATIONAL SYSTEMS OF
COINAGE, CURRENCY, BANKING, AND CREDIT;
(II) EXPOSES THE STATE AND THE CITIZENS, INHABITANTS, AND
BUSINESSES OF THE STATE TO THE CHRONIC DEPRECIATION OF MEDIA OF
EXCHANGE OTHER THAN GOLD AND SILVER; AND
(III) WEAKENS THE FISCAL FOUNDATION OF THE STATE AND THE
CITIZENS, INHABITANTS, AND BUSINESSES OF THE STATE; AND
(b) IT IS NECESSARY AND PROPER FOR THE GENERAL ASSEMBLY TO
GUARANTEE TO AND PROVIDE FOR THE STATE A CONSTITUTIONAL AND
ECONOMICALLY SOUND MEDIA OF EXCHANGE BY EXERCISING THE STATE'S
POWER, PRIVILEGE, AND DUTY TO MAKE GOLD AND SILVER COIN A TENDER
IN PAYMENT OF DEBTS, AS RESERVED TO AND REQUIRED OF EACH STATE
UNDER CLAUSE 1 OF SECTION 10 OF ARTICLE I OF THE UNITED STATES
CONSTITUTION, AND CONFIRMED BY THE TENTH AMENDMENT THERETO.
24-19.3-103. Definitions. AS USED IN THIS ARTICLE, UNLESS THE
CONTEXT OTHERWISE REQUIRES:
(1) "ELECTRONIC GOLD CURRENCY" MEANS A SPECIFICALLY
DEFINED AMOUNT OF GOLD, MEASURED IN AN ELECTRONIC GOLD
CURRENCY UNIT, THAT AN ELECTRONIC GOLD CURRENCY PAYMENT
PROVIDER MAKES AVAILABLE TO ITS CUSTOMERS AS A MEDIUM OF
-3-HB09-1206
EXCHANGE.
(2) "ELECTRONIC GOLD CURRENCY ACCOUNT" MEANS AN ACCOUNT
THAT IS WITH AN ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER AND
IN WHICH THE ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER
RECEIVES AND MAINTAINS, AND FROM WHICH THE ELECTRONIC GOLD
CURRENCY PAYMENT PROVIDER TRANSFERS, ELECTRONIC GOLD CURRENCY
UNITS ON BEHALF OF A CUSTOMER.
(3) "ELECTRONIC GOLD CURRENCY UNIT" MEANS A UNIT OF
MONETARY ACCOUNT THAT REPRESENTS A CUSTOMER'S CLAIM OF TITLE
AND OWNERSHIP TO A SPECIFICALLY DEFINED FIXED WEIGHT OF GOLD OR
SILVER, OR BOTH GOLD AND SILVER, THAT MAY BE TRANSFERRED AMONG
CUSTOMERS' ACCOUNTS MAINTAINED BY AN ELECTRONIC GOLD CURRENCY
PAYMENT PROVIDER.
(4) "FINANCIAL INSTITUTION" MEANS ANY BANK, TRUST COMPANY,
CREDIT UNION, DEPOSITARY INSTITUTION, SAVINGS INSTITUTION, OR ANY
OTHER SIMILAR BUSINESS OR INSTITUTION.
(5) "FISCAL OFFICER" MEANS A MUNICIPAL OR COUNTY
TREASURER .
(6) "GOLD AND SILVER COIN" MEANS ANY OF THE FOLLOWING
GOLD COINS, SILVER COINS, OR COMBINATION OF BOTH:
(a) GOLD COINS, WHICH SHALL INCLUDE:
(I) UNITED STATES AMERICAN EAGLE COINS, OF ALL
DENOMINATIONS, MINTED UNDER PUBLIC LAW 99-185;
(II) AUSTRIAN ONE HUNDRED CORONA, TWENTY CORONA, FOUR
DUCAT, AND ONE DUCAT;
(III) BRITISH SOVEREIGN;
(IV) CANADIAN ONE AND ONE-TENTH MAPLE LEAF;
-4-HB09-1206
(V) FRENCH TWENTY FRANC;
(VI) MEXICAN FIFTY, TWENTY,TEN, FIVE, AND TWO AND ONE-HALF
PESO;
(VII) SOUTH AFRICAN ONE, ONE-HALF, ONE-QUARTER, AND
ONE-TENTH KRUGERRAND; AND
(VIII) SWISS TWENTY FRANC; AND
(b) SILVER COINS, WHICH SHALL INCLUDE:
(I) UNITED STATES DOLLARS, SO DENOMINATED AND WHENEVER
MINTED, THAT WERE OR ARE REQUIRED BY THE STATUTES AUTHORIZING
THEIR COINAGE TO CONTAIN 371.25 GRAINS OF FINE SILVER PER DOLLAR;
(II) UNITED STATES HALF DOLLARS, QUARTER DOLLARS, AND
DIMES, SO DENOMINATED, WHENEVER MINTED, THAT WERE OR ARE
REQUIRED BY THE STATUTES AUTHORIZING THEIR COINAGE TO CONTAIN
FINE SILVER IN AMOUNTS PROPORTIONATE TO THE CONSTITUTIONAL
SILVER DOLLAR OF 371.25 GRAINS OF FINE SILVER PER DOLLAR;
(III) UNITED STATES AMERICAN EAGLE OR LIBERTY COINS MINTED
UNDER PUBLIC LAW 99-61; AND
(IV) CANADIAN MAPLE LEAF.
(7) "INDEPENDENT SPECIE VAULT" MEANS A CORPORATION,
PARTNERSHIP, LIMITED LIABILITY COMPANY, LIMITED LIABILITY
PARTNERSHIP, TRUST COMPANY, OR OTHER LEGAL ENTITY THAT IS NOT
AFFILIATED WITH AN ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER
BY COMMON OWNERSHIP, CONTROL, OR OPERATION AND THAT IS UNDER A
CONTRACTUAL ARRANGEMENT TO PERFORM FOR AN ELECTRONIC GOLD
CURRENCY PAYMENT PROVIDER THE FUNCTIONS DESCRIBED IN SECTION
24-19.3-107.
(8) (a) "LEGAL TENDER OF THE UNITED STATES" MEANS THE
-5-HB09-1206
FOLLOWING:
(I) ALL COINS OF THE UNITED STATES, WHENEVER MINTED, THAT
WERE OR ARE REQUIRED BY THE STATUTE AUTHORIZING THEIR ISSUANCE
TO BE COMPOSED OF FINE SILVER OR FINE GOLD TO THE EXTENT OF LESS
THAN EIGHTY-FIVE PERCENT, BY WEIGHT;
(II) ALL COINS OF THE UNITED STATES, WHENEVER MINTED, THAT
WERE OR ARE REQUIRED BY THE STATUTES AUTHORIZING THEIR ISSUANCE
TO BE COMPOSED SOLELY OF BASE METALS;
(III) ALL PAPER CURRENCIES, WHENEVER ISSUED, THAT ARE
EMITTED BY THE UNITED STATES, OR BY ANY INDIVIDUAL, PERSON,
CORPORATION, OR OTHER LEGALLY RECOGNIZED ENTITY ACTING UNDER
THE AUTHORITY OF THE LAWS OF THE UNITED STATES AND THAT ARE NOT
GUARANTEED BY LAW TO BE REDEEMABLE AND IN FACT ARE NOT BEING
REDEEMED ON A DOLLAR-FOR-DOLLAR BASIS IN GOLD AND SILVER COIN OF
THE UNITED STATES THAT WERE OR ARE REQUIRED BY THE STATUTES
AUTHORIZING THEIR ISSUANCE TO BE COMPOSED OF FINE SILVER OR FINE
GOLD TO THE EXTENT OF EIGHTY-FIVE PERCENT OR MORE, BY WEIGHT.
(b) "LEGAL TENDER OF THE UNITED STATES" DOES NOT INCLUDE
ANY GOLD AND SILVER COIN, REGARDLESS OF WHETHER THE GOLD AND
SILVER COIN WERE DESIGNATED OR ARE DESIGNATED AS LEGAL TENDER
UNDER THE LAWS OF THE UNITED STATES.
(9) "PERSON" MEANS ANY INDIVIDUAL, CORPORATION,
GOVERNMENT OR GOVERNMENTAL SUBDIVISION OR AGENCY, BUSINESS
TRUST, ESTATE, TRUST, LIMITED LIABILITY COMPANY, PARTNERSHIP,
ASSOCIATION, OR OTHER LEGAL ENTITY.
(10) "POLITICAL SUBDIVISION" MEANS A MUNICIPALITY, COUNTY,
CITY AND COUNTY, OR TOWN IN THE STATE.
-6-HB09-1206
(11) "SPECIE EXCHANGE" MEANS ANY PERSON THAT CONDUCTS
THE BUSINESS OF EXCHANGING, IN ANY COMBINATION:
(a) GOLD AND SILVER COIN;
(b) LEGAL TENDER OF THE UNITED STATES; AND
(c) THE ELECTRONIC GOLD CURRENCY OF AN ELECTRONIC GOLD
CURRENCY PAYMENT PROVIDER FOR PERSONS WITHIN THE STATE,
REGARDLESS OF WHERE THE PERSON FUNCTIONING AS A SPECIE EXCHANGE
IS LEGALLY ORGANIZED OR DOMICILED OR MAINTAINS THE PERSON'S
PRINCIPAL PLACE OF BUSINESS.
(12) "STATE" MEANS THE STATE OF COLORADO AND INCLUDES
ANY OFFICER, AGENCY, BRANCH, DEPARTMENT, BOARD, BUREAU,
COMMISSION, DIVISION, OR INSTITUTION OF THE STATE AND ANY
CORPORATION OF THE STATE OR BODY POLITIC OF THE STATE.
24-19.3-104. State treasurer - fiscal officer - duties. (1) THE
STATE TREASURER SHALL:
(a) DESIGNATE ONE OR MORE ELECTRONIC GOLD CURRENCY
PAYMENT PROVIDERS TO BE AN ELECTRONIC GOLD CURRENCY PAYMENT
PROVIDER FOR THE STATE AND POLITICAL SUBDIVISIONS;
(b) MAINTAIN ONE OR MORE ELECTRONIC GOLD CURRENCY
ACCOUNTS WITH ONE OR MORE DESIGNATED ELECTRONIC GOLD CURRENCY
PAYMENT PROVIDERS;
(c) CONDUCT ALL MONETARY TRANSACTIONS OF THE STATE
INVOLVING GOLD AND SILVER IN ANY FORM THROUGH DESIGNATED
ELECTRONIC GOLD CURRENCY PAYMENT PROVIDERS AND THROUGH
ELECTRONIC GOLD CURRENCY ACCOUNTS;
(d) ADOPT ANY RULES AND GUIDELINES THAT ARE NECESSARY AND
PROPER TO IMPLEMENT THIS ARTICLE;
-7-HB09-1206
(e) PREPARE AND DISTRIBUTE ALL NECESSARY AND APPROPRIATE
FORMS, INSTRUCTIONS, AND OTHER INFORMATIONAL MATERIALS TO
EDUCATE PERSONS CONCERNING THEIR RIGHTS, DUTIES, AND OPTIONS
UNDER THIS ARTICLE AND ENABLE PERSONS TO PAY TO AND RECEIVE FROM
THE STATE GOLD AND SILVER IN ANY FORM, AS REQUIRED OR ALLOWED
UNDER THIS ARTICLE;
(f) REPORT AT LEAST QUARTERLY TO THE GENERAL ASSEMBLY
AND TO THE GOVERNOR CONCERNING RECEIPTS, DEPOSITS,
DISBURSEMENTS, AND OTHER RELEVANT INFORMATION RELATED TO
MONETARY TRANSACTIONS INVOLVING GOLD AND SILVER IN ANY FORM;
(g) MAKE RECOMMENDATIONS TO THE GENERAL ASSEMBLY
CONCERNING THE ADMINISTRATION OF THIS ARTICLE; AND
(h) ADVISE ANY FISCAL OFFICER WHO REQUESTS INFORMATION OR
ASSISTANCE RELATED TO THE FISCAL OFFICER'S IMPLEMENTATION OF THIS
ARTICLE.
(2) THE FISCAL OFFICER OF EACH POLITICAL SUBDIVISION SHALL:
(a) MAINTAIN ONE OR MORE ELECTRONIC GOLD CURRENCY
ACCOUNTS WITH ONE OR MORE ELECTRONIC GOLD CURRENCY PAYMENT
PROVIDERS WHO ARE DESIGNATED BY THE STATE TREASURER PURSUANT
TO PARAGRAPH (a) OF SUBSECTION (1) OF THIS SECTION;
(b) CONDUCT ALL MONETARY TRANSACTIONS OF THE FISCAL
OFFICER'S POLITICAL SUBDIVISION INVOLVING GOLD AND SILVER IN ANY
FORM THROUGH DESIGNATED ELECTRONIC GOLD CURRENCY PAYMENT
PROVIDERS AND THROUGH ELECTRONIC GOLD CURRENCY ACCOUNTS;
(c) PREPARE AND DISTRIBUTE ALL NECESSARY AND APPROPRIATE
FORMS, INSTRUCTIONS, AND OTHER INFORMATIONAL MATERIALS TO
EDUCATE PERSONS AS TO THEIR RIGHTS, DUTIES, AND OPTIONS UNDER THIS
-8-HB09-1206
ARTICLE AND ENABLE PERSONS TO PAY TO AND RECEIVE FROM THE FISCAL
OFFICER'S POLITICAL SUBDIVISION GOLD AND SILVER IN ANY FORM, AS
REQUIRED OR ALLOWED UNDER THIS ARTICLE; AND
(d) CONSULT WITH THE STATE TREASURER ON THE MOST
EFFECTIVE AND EFFICIENT MANNER OF IMPLEMENTING THIS ARTICLE
WITHIN THE FISCAL OFFICER'S POLITICAL SUBDIVISION.
24-19.3-105. Account with designated electronic gold currency
payment provider required. ALL PERSONS WHO DEAL WITH THE STATE
OR A POLITICAL SUBDIVISION IN MONETARY TRANSACTIONS INVOLVING
GOLD AND SILVER IN ANY FORM SHALL MAINTAIN AT LEAST ONE ACCOUNT
WITH A DESIGNATED ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER.
24-19.3-106. Designated electronic gold currency payment
providers - qualification. (1) IN ORDER TO QUALIFY FOR DESIGNATION
BY THE STATE TREASURER PURSUANT TO SECTION 24-19.3-104 (1) (a), AN
ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER SHALL:
(a) USE AN ELECTRONIC GOLD CURRENCY UNIT THAT CONSTITUTES
A MONETARY UNIT OF ACCOUNT AND REPRESENTS A CLAIM OF TITLE TO
AND OWNERSHIP OF A SPECIFICALLY DEFINED FIXED WEIGHT OF GOLD HELD
IN ALLOCATED STORAGE FOR CUSTOMERS IN AND BY AN INDEPENDENT
SPECIE VAULT;
(b) DESIGNATE RECEIPTS AND HOLDINGS OF GOLD IN, AND
TRANSFER GOLD AMONG, THE ACCOUNTS OF CUSTOMERS OF THE
ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER ONLY IN THE
ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER'S ELECTRONIC GOLD
CURRENCY UNIT;
(c) PROVIDE A SEPARATE ACCOUNT FOR EACH CUSTOMER THAT IS
ACCESSIBLE TO THE CUSTOMER THROUGH THE INTERNET AND THAT
-9-HB09-1206
more down below
First Regular Session
Sixty-seventh General Assembly
STATE OF COLORADO
INTRODUCED
LLS NO. 09-0722.02 Ed DeCecco HOUSE BILL 09-1206
HOUSE SPONSORSHIP
Lambert,
SENATE SPONSORSHIP
Lundberg,
House Committees Senate Committees
State, Veterans, & Military Affairs
A BILL FOR AN ACT
101 CONCERNING AN ELECTRONIC CURRENCY BACKED BY RESERVES OF
102 PRECIOUS METALS.
Bill Summary
(Note: This summary applies to this bill as introduced and does
not necessarily reflect any amendments that may be subsequently
adopted.)
Establishes a system for certain transactions to allow the state and
political subdivisions to make and receive payment using an electronic
gold currency, which transactions shall include:
! Taxes and other involuntary charges;
! Purchase or sale of property by the state or a political
subdivision;
! Any payment that arises out of the exercise of eminent
Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
Capital letters indicate new material to be added to existing statute.
Dashes through the words indicate deletions from existing statute.
domain;
! Judgments, decrees, or orders; and
! Wages, salaries, fees, or other monetary compensation.
Requires tobacco taxes to be paid using electronic gold currency.
Requires the state treasurer to designate electronic gold currency
providers through which the electronic gold currency transactions will be
conducted for the state and political subdivisions. Requires any person
that wants to make or receive a payment in electronic gold currency to
maintain an account with an electronic gold currency payment provider.
Requires the state treasurer and a fiscal officer of a political subdivision
to facilitate the implementation of the electronic gold currency system.
Establishes qualifications for a designated gold currency payment
provider, which include:
! Storage of gold representing the electronic gold currency
units in each customer's account by an independent specie
vault;
! Association with, or provision of services of, a specie
exchange to allow the customers of the electronic gold
currency payment provider to undertake various
conversions involving gold and silver coin, electronic gold
currency, and legal tender of the United States.
Establishes qualifications for an independent specie vault and for
specie exchange.
Establishes civil liability and criminal penalties for the inaccurate
determination of exchange rates between electronic gold currency and
legal tender of the United States .
1 Be it enacted by the General Assembly of the State of Colorado :
2 SECTION 1. Title 24, Colorado Revised Statutes, is amended BY
3 THE ADDITION OF A NEW ARTICLE to read:
4 ARTICLE 19.3
5 Payment in Coin and Electronic Currency
6 24-19.3-101. Short title. THIS ARTICLE SHALL BE KNOWN AND
7 MAY BE CITED AS THE " COLORADO HONEST MONEY ACT".
8 24-19.3-102. Legislative declaration. (1) THE GENERAL
9 ASSEMBLY HEREBY FINDS AND DECLARES THAT:
10 (a) THE ABSENCE OF GOLD AND SILVER COIN OR OF AN ELECTRONIC
-2- HB09-1206
GOLD CURRENCY THAT IS PAYABLE IN A SPECIFIED WEIGHT OF GOLD METAL
AND CONVERTIBLE ON DEMAND INTO GOLD AND SILVER COIN AS MEDIA OF
EXCHANGE BETWEEN THE STATE OF COLORADO AND THE CITIZENS,
INHABITANTS, AND BUSINESSES OF THE STATE:
(I) EXPOSES THE STATE AND THE CITIZENS, INHABITANTS, AND
BUSINESSES OF THE STATE TO CHRONIC PROBLEMS AND POTENTIALLY
SERIOUS CRISES THAT MAY ARISE FROM THE ECONOMIC AND POLITICAL
INSTABILITY OF THE PRESENT DOMESTIC AND INTERNATIONAL SYSTEMS OF
COINAGE, CURRENCY, BANKING, AND CREDIT;
(II) EXPOSES THE STATE AND THE CITIZENS, INHABITANTS, AND
BUSINESSES OF THE STATE TO THE CHRONIC DEPRECIATION OF MEDIA OF
EXCHANGE OTHER THAN GOLD AND SILVER; AND
(III) WEAKENS THE FISCAL FOUNDATION OF THE STATE AND THE
CITIZENS, INHABITANTS, AND BUSINESSES OF THE STATE; AND
(b) IT IS NECESSARY AND PROPER FOR THE GENERAL ASSEMBLY TO
GUARANTEE TO AND PROVIDE FOR THE STATE A CONSTITUTIONAL AND
ECONOMICALLY SOUND MEDIA OF EXCHANGE BY EXERCISING THE STATE'S
POWER, PRIVILEGE, AND DUTY TO MAKE GOLD AND SILVER COIN A TENDER
IN PAYMENT OF DEBTS, AS RESERVED TO AND REQUIRED OF EACH STATE
UNDER CLAUSE 1 OF SECTION 10 OF ARTICLE I OF THE UNITED STATES
CONSTITUTION, AND CONFIRMED BY THE TENTH AMENDMENT THERETO.
24-19.3-103. Definitions. AS USED IN THIS ARTICLE, UNLESS THE
CONTEXT OTHERWISE REQUIRES:
(1) "ELECTRONIC GOLD CURRENCY" MEANS A SPECIFICALLY
DEFINED AMOUNT OF GOLD, MEASURED IN AN ELECTRONIC GOLD
CURRENCY UNIT, THAT AN ELECTRONIC GOLD CURRENCY PAYMENT
PROVIDER MAKES AVAILABLE TO ITS CUSTOMERS AS A MEDIUM OF
-3-HB09-1206
EXCHANGE.
(2) "ELECTRONIC GOLD CURRENCY ACCOUNT" MEANS AN ACCOUNT
THAT IS WITH AN ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER AND
IN WHICH THE ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER
RECEIVES AND MAINTAINS, AND FROM WHICH THE ELECTRONIC GOLD
CURRENCY PAYMENT PROVIDER TRANSFERS, ELECTRONIC GOLD CURRENCY
UNITS ON BEHALF OF A CUSTOMER.
(3) "ELECTRONIC GOLD CURRENCY UNIT" MEANS A UNIT OF
MONETARY ACCOUNT THAT REPRESENTS A CUSTOMER'S CLAIM OF TITLE
AND OWNERSHIP TO A SPECIFICALLY DEFINED FIXED WEIGHT OF GOLD OR
SILVER, OR BOTH GOLD AND SILVER, THAT MAY BE TRANSFERRED AMONG
CUSTOMERS' ACCOUNTS MAINTAINED BY AN ELECTRONIC GOLD CURRENCY
PAYMENT PROVIDER.
(4) "FINANCIAL INSTITUTION" MEANS ANY BANK, TRUST COMPANY,
CREDIT UNION, DEPOSITARY INSTITUTION, SAVINGS INSTITUTION, OR ANY
OTHER SIMILAR BUSINESS OR INSTITUTION.
(5) "FISCAL OFFICER" MEANS A MUNICIPAL OR COUNTY
TREASURER .
(6) "GOLD AND SILVER COIN" MEANS ANY OF THE FOLLOWING
GOLD COINS, SILVER COINS, OR COMBINATION OF BOTH:
(a) GOLD COINS, WHICH SHALL INCLUDE:
(I) UNITED STATES AMERICAN EAGLE COINS, OF ALL
DENOMINATIONS, MINTED UNDER PUBLIC LAW 99-185;
(II) AUSTRIAN ONE HUNDRED CORONA, TWENTY CORONA, FOUR
DUCAT, AND ONE DUCAT;
(III) BRITISH SOVEREIGN;
(IV) CANADIAN ONE AND ONE-TENTH MAPLE LEAF;
-4-HB09-1206
(V) FRENCH TWENTY FRANC;
(VI) MEXICAN FIFTY, TWENTY,TEN, FIVE, AND TWO AND ONE-HALF
PESO;
(VII) SOUTH AFRICAN ONE, ONE-HALF, ONE-QUARTER, AND
ONE-TENTH KRUGERRAND; AND
(VIII) SWISS TWENTY FRANC; AND
(b) SILVER COINS, WHICH SHALL INCLUDE:
(I) UNITED STATES DOLLARS, SO DENOMINATED AND WHENEVER
MINTED, THAT WERE OR ARE REQUIRED BY THE STATUTES AUTHORIZING
THEIR COINAGE TO CONTAIN 371.25 GRAINS OF FINE SILVER PER DOLLAR;
(II) UNITED STATES HALF DOLLARS, QUARTER DOLLARS, AND
DIMES, SO DENOMINATED, WHENEVER MINTED, THAT WERE OR ARE
REQUIRED BY THE STATUTES AUTHORIZING THEIR COINAGE TO CONTAIN
FINE SILVER IN AMOUNTS PROPORTIONATE TO THE CONSTITUTIONAL
SILVER DOLLAR OF 371.25 GRAINS OF FINE SILVER PER DOLLAR;
(III) UNITED STATES AMERICAN EAGLE OR LIBERTY COINS MINTED
UNDER PUBLIC LAW 99-61; AND
(IV) CANADIAN MAPLE LEAF.
(7) "INDEPENDENT SPECIE VAULT" MEANS A CORPORATION,
PARTNERSHIP, LIMITED LIABILITY COMPANY, LIMITED LIABILITY
PARTNERSHIP, TRUST COMPANY, OR OTHER LEGAL ENTITY THAT IS NOT
AFFILIATED WITH AN ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER
BY COMMON OWNERSHIP, CONTROL, OR OPERATION AND THAT IS UNDER A
CONTRACTUAL ARRANGEMENT TO PERFORM FOR AN ELECTRONIC GOLD
CURRENCY PAYMENT PROVIDER THE FUNCTIONS DESCRIBED IN SECTION
24-19.3-107.
(8) (a) "LEGAL TENDER OF THE UNITED STATES" MEANS THE
-5-HB09-1206
FOLLOWING:
(I) ALL COINS OF THE UNITED STATES, WHENEVER MINTED, THAT
WERE OR ARE REQUIRED BY THE STATUTE AUTHORIZING THEIR ISSUANCE
TO BE COMPOSED OF FINE SILVER OR FINE GOLD TO THE EXTENT OF LESS
THAN EIGHTY-FIVE PERCENT, BY WEIGHT;
(II) ALL COINS OF THE UNITED STATES, WHENEVER MINTED, THAT
WERE OR ARE REQUIRED BY THE STATUTES AUTHORIZING THEIR ISSUANCE
TO BE COMPOSED SOLELY OF BASE METALS;
(III) ALL PAPER CURRENCIES, WHENEVER ISSUED, THAT ARE
EMITTED BY THE UNITED STATES, OR BY ANY INDIVIDUAL, PERSON,
CORPORATION, OR OTHER LEGALLY RECOGNIZED ENTITY ACTING UNDER
THE AUTHORITY OF THE LAWS OF THE UNITED STATES AND THAT ARE NOT
GUARANTEED BY LAW TO BE REDEEMABLE AND IN FACT ARE NOT BEING
REDEEMED ON A DOLLAR-FOR-DOLLAR BASIS IN GOLD AND SILVER COIN OF
THE UNITED STATES THAT WERE OR ARE REQUIRED BY THE STATUTES
AUTHORIZING THEIR ISSUANCE TO BE COMPOSED OF FINE SILVER OR FINE
GOLD TO THE EXTENT OF EIGHTY-FIVE PERCENT OR MORE, BY WEIGHT.
(b) "LEGAL TENDER OF THE UNITED STATES" DOES NOT INCLUDE
ANY GOLD AND SILVER COIN, REGARDLESS OF WHETHER THE GOLD AND
SILVER COIN WERE DESIGNATED OR ARE DESIGNATED AS LEGAL TENDER
UNDER THE LAWS OF THE UNITED STATES.
(9) "PERSON" MEANS ANY INDIVIDUAL, CORPORATION,
GOVERNMENT OR GOVERNMENTAL SUBDIVISION OR AGENCY, BUSINESS
TRUST, ESTATE, TRUST, LIMITED LIABILITY COMPANY, PARTNERSHIP,
ASSOCIATION, OR OTHER LEGAL ENTITY.
(10) "POLITICAL SUBDIVISION" MEANS A MUNICIPALITY, COUNTY,
CITY AND COUNTY, OR TOWN IN THE STATE.
-6-HB09-1206
(11) "SPECIE EXCHANGE" MEANS ANY PERSON THAT CONDUCTS
THE BUSINESS OF EXCHANGING, IN ANY COMBINATION:
(a) GOLD AND SILVER COIN;
(b) LEGAL TENDER OF THE UNITED STATES; AND
(c) THE ELECTRONIC GOLD CURRENCY OF AN ELECTRONIC GOLD
CURRENCY PAYMENT PROVIDER FOR PERSONS WITHIN THE STATE,
REGARDLESS OF WHERE THE PERSON FUNCTIONING AS A SPECIE EXCHANGE
IS LEGALLY ORGANIZED OR DOMICILED OR MAINTAINS THE PERSON'S
PRINCIPAL PLACE OF BUSINESS.
(12) "STATE" MEANS THE STATE OF COLORADO AND INCLUDES
ANY OFFICER, AGENCY, BRANCH, DEPARTMENT, BOARD, BUREAU,
COMMISSION, DIVISION, OR INSTITUTION OF THE STATE AND ANY
CORPORATION OF THE STATE OR BODY POLITIC OF THE STATE.
24-19.3-104. State treasurer - fiscal officer - duties. (1) THE
STATE TREASURER SHALL:
(a) DESIGNATE ONE OR MORE ELECTRONIC GOLD CURRENCY
PAYMENT PROVIDERS TO BE AN ELECTRONIC GOLD CURRENCY PAYMENT
PROVIDER FOR THE STATE AND POLITICAL SUBDIVISIONS;
(b) MAINTAIN ONE OR MORE ELECTRONIC GOLD CURRENCY
ACCOUNTS WITH ONE OR MORE DESIGNATED ELECTRONIC GOLD CURRENCY
PAYMENT PROVIDERS;
(c) CONDUCT ALL MONETARY TRANSACTIONS OF THE STATE
INVOLVING GOLD AND SILVER IN ANY FORM THROUGH DESIGNATED
ELECTRONIC GOLD CURRENCY PAYMENT PROVIDERS AND THROUGH
ELECTRONIC GOLD CURRENCY ACCOUNTS;
(d) ADOPT ANY RULES AND GUIDELINES THAT ARE NECESSARY AND
PROPER TO IMPLEMENT THIS ARTICLE;
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(e) PREPARE AND DISTRIBUTE ALL NECESSARY AND APPROPRIATE
FORMS, INSTRUCTIONS, AND OTHER INFORMATIONAL MATERIALS TO
EDUCATE PERSONS CONCERNING THEIR RIGHTS, DUTIES, AND OPTIONS
UNDER THIS ARTICLE AND ENABLE PERSONS TO PAY TO AND RECEIVE FROM
THE STATE GOLD AND SILVER IN ANY FORM, AS REQUIRED OR ALLOWED
UNDER THIS ARTICLE;
(f) REPORT AT LEAST QUARTERLY TO THE GENERAL ASSEMBLY
AND TO THE GOVERNOR CONCERNING RECEIPTS, DEPOSITS,
DISBURSEMENTS, AND OTHER RELEVANT INFORMATION RELATED TO
MONETARY TRANSACTIONS INVOLVING GOLD AND SILVER IN ANY FORM;
(g) MAKE RECOMMENDATIONS TO THE GENERAL ASSEMBLY
CONCERNING THE ADMINISTRATION OF THIS ARTICLE; AND
(h) ADVISE ANY FISCAL OFFICER WHO REQUESTS INFORMATION OR
ASSISTANCE RELATED TO THE FISCAL OFFICER'S IMPLEMENTATION OF THIS
ARTICLE.
(2) THE FISCAL OFFICER OF EACH POLITICAL SUBDIVISION SHALL:
(a) MAINTAIN ONE OR MORE ELECTRONIC GOLD CURRENCY
ACCOUNTS WITH ONE OR MORE ELECTRONIC GOLD CURRENCY PAYMENT
PROVIDERS WHO ARE DESIGNATED BY THE STATE TREASURER PURSUANT
TO PARAGRAPH (a) OF SUBSECTION (1) OF THIS SECTION;
(b) CONDUCT ALL MONETARY TRANSACTIONS OF THE FISCAL
OFFICER'S POLITICAL SUBDIVISION INVOLVING GOLD AND SILVER IN ANY
FORM THROUGH DESIGNATED ELECTRONIC GOLD CURRENCY PAYMENT
PROVIDERS AND THROUGH ELECTRONIC GOLD CURRENCY ACCOUNTS;
(c) PREPARE AND DISTRIBUTE ALL NECESSARY AND APPROPRIATE
FORMS, INSTRUCTIONS, AND OTHER INFORMATIONAL MATERIALS TO
EDUCATE PERSONS AS TO THEIR RIGHTS, DUTIES, AND OPTIONS UNDER THIS
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ARTICLE AND ENABLE PERSONS TO PAY TO AND RECEIVE FROM THE FISCAL
OFFICER'S POLITICAL SUBDIVISION GOLD AND SILVER IN ANY FORM, AS
REQUIRED OR ALLOWED UNDER THIS ARTICLE; AND
(d) CONSULT WITH THE STATE TREASURER ON THE MOST
EFFECTIVE AND EFFICIENT MANNER OF IMPLEMENTING THIS ARTICLE
WITHIN THE FISCAL OFFICER'S POLITICAL SUBDIVISION.
24-19.3-105. Account with designated electronic gold currency
payment provider required. ALL PERSONS WHO DEAL WITH THE STATE
OR A POLITICAL SUBDIVISION IN MONETARY TRANSACTIONS INVOLVING
GOLD AND SILVER IN ANY FORM SHALL MAINTAIN AT LEAST ONE ACCOUNT
WITH A DESIGNATED ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER.
24-19.3-106. Designated electronic gold currency payment
providers - qualification. (1) IN ORDER TO QUALIFY FOR DESIGNATION
BY THE STATE TREASURER PURSUANT TO SECTION 24-19.3-104 (1) (a), AN
ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER SHALL:
(a) USE AN ELECTRONIC GOLD CURRENCY UNIT THAT CONSTITUTES
A MONETARY UNIT OF ACCOUNT AND REPRESENTS A CLAIM OF TITLE TO
AND OWNERSHIP OF A SPECIFICALLY DEFINED FIXED WEIGHT OF GOLD HELD
IN ALLOCATED STORAGE FOR CUSTOMERS IN AND BY AN INDEPENDENT
SPECIE VAULT;
(b) DESIGNATE RECEIPTS AND HOLDINGS OF GOLD IN, AND
TRANSFER GOLD AMONG, THE ACCOUNTS OF CUSTOMERS OF THE
ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER ONLY IN THE
ELECTRONIC GOLD CURRENCY PAYMENT PROVIDER'S ELECTRONIC GOLD
CURRENCY UNIT;
(c) PROVIDE A SEPARATE ACCOUNT FOR EACH CUSTOMER THAT IS
ACCESSIBLE TO THE CUSTOMER THROUGH THE INTERNET AND THAT
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