Florida S1588 establishes gold and silver coins as legal tender, outlines requirements for their use, and modifies regulations for money services.
Florida S1588 amends state law to recognize gold and silver coins as legal tender, provided they meet specific purity and form requirements. The bill mandates that financial institutions and money services businesses maintain separate accounts for these coins and insure them for their full replacement value. It also requires businesses to disclose potential fees and other terms to customers. The bill modifies examination intervals for money services businesses that transmit these coins and exempts certain Financial Technology Sandbox licensees from specific regulatory requirements.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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