Iowa SF2195 establishes specie as legal tender in the state, outlines requirements for bullion depositories, and mandates annual reporting on their.

Iowa SF2195 makes specie, defined as bullion stamped into coins, legal tender in the state. It allows individuals to use specie in financial transactions but does not require acceptance of it. The treasurer of state must establish or contract with bullion depositories for secure bullion storage and authorize electronic payment systems for transactions. These depositories must insure deposits and ensure privacy. The bill also mandates annual reports on bullion depositories, electronic payment systems, and the economic impact of recognizing specie as legal tender.

Iowa SF2195 establishes specie as legal tender in the state, outlines requirements for bullion depositories, and mandates annual reporting on their.

Iowa SF2195 makes specie, defined as bullion stamped into coins, legal tender in the state. It allows individuals to use specie in financial transactions but does not require acceptance of it. The treasurer of state must establish or contract with bullion depositories for secure bullion storage and authorize electronic payment systems for transactions. These depositories must insure deposits and ensure privacy. The bill also mandates annual reports on bullion depositories, electronic payment systems, and the economic impact of recognizing specie as legal tender.