UtahUtah treasurer must study precious metals and arrange payment system
Beginning May 6, 2026, Utah’s treasurer must arrange a gold- or silver-backed payment system and continue annual precious-metals studies.
What it does
The state treasurer must study precious metals in 2026 and 2027 and send any resulting recommendations to lawmakers by the October interim meeting.
Starting May 6, 2026, the state treasurer must arrange a gold- or silver-backed payment system for contractors that choose it, while state agencies and contractors may continue using other payment methods.
Argument forContractors that opt in could receive state payments through a system that also lets participants redeem physical gold or silver.
Argument againstParticipants could pay added transaction costs, while the state may also face expenses to build, secure, and operate the payment system.
More detail
The state treasurer must conduct a study each year and send any resulting legislative recommendations to the Revenue and Taxation Interim Committee. The study must examine how precious metals may affect the state’s economic security and the security and prosperity of Utah families, residents, and businesses. The treasurer must submit recommendations from the study by the committee’s October interim meeting. The requirement applies in calendar years 2026 and 2027.
The state treasurer must contract with one or more third parties to establish and operate an electronic payment system backed by physical gold or silver. The system would support payments from the state to contractors that choose to participate, allow participants to redeem physical gold or silver, and use metals stored in vaults within Utah. The treasurer must issue a request for proposals and evaluate security, efficiency, and cost-effectiveness. The final contract must make the system publicly available and require compliance with state and federal law. Contractors and state agencies would not have to use the system. Participants must pay transaction costs when they receive payments or redeem physical metals. These requirements take effect May 6, 2026, and the treasurer must report the system’s status and performance to the Revenue and Taxation Interim Committee each year.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Mar 26Became Law w/o Governor SignatureBecame Law
- Mar 12House/ to GovernorTo Governor
- Mar 12House/ received enrolled bill from PrintingMinor
- Mar 11House/ enrolled bill to Printing
- Mar 11Enrolled Bill Returned to House or SenateMinor
- Mar 6Draft of Enrolled Bill Prepared
- Mar 6Bill Received from House for EnrollingMinor
- Mar 6House/ signed by Speaker/ sent for enrollingMajor
- Mar 6House/ received from SenateMinor
- Mar 5Senate/ to House
- Vote recorded Senate/ passed 2nd & 3rd readings/ suspension. Result: pass.Upper
- Vote recorded Senate/ failed. Result: fail.Upper
- Mar 5Senate/ signed by President/ returned to HouseMajor
- Mar 5Senate/ passed 2nd & 3rd readings/ suspensionPassed Senate
- Mar 5Senate/ motion to reconsider
- Mar 5Senate/ failedMajor
- Mar 5Senate/ 2nd & 3rd readings/ suspensionMinor
- Mar 5Senate/ Rules to 2nd Reading Calendar
- Mar 5Senate/ 2nd Reading Calendar to Rules [Senate Rules Committee]Minor
- Mar 2Senate/ placed on 2nd Reading Calendar
- Mar 2Senate/ committee report favorable [Senate Government Operations and Political Subdivisions Committee]Minor
- Mar 2Senate Comm - Favorable Recommendation [Senate Government Operations and Political Subdivisions Committee]Minor
- Feb 17Senate Comm - Motion to Recommend Failed [Senate Government Operations and Political Subdivisions Committee]Major
- Feb 17Senate/ to standing committee [Senate Government Operations and Political Subdivisions Committee]Minor
- Feb 12Senate/ 1st reading (Introduced)Minor
- Feb 10Senate/ received from HouseMinor
- Vote recorded House/ passed 3rd reading. Result: pass.Lower
- Feb 10House/ to Senate
- Feb 10House/ passed 3rd readingPassed House
- Feb 10House/ floor amendment
- Feb 10House/ 3rd readingMinor
- Jan 30House/ 2nd readingMinor
- Jan 30House/ committee report favorable [House Revenue and Taxation Committee]Minor
- Jan 29House Comm - Favorable Recommendation [House Revenue and Taxation Committee]Minor
- Jan 29LFA/ fiscal note publicly available for HB0195S01
- Jan 28LFA/ fiscal note sent to sponsor for HB0195S01
- Jan 26House/ to standing committee [House Revenue and Taxation Committee]Minor
- Jan 26Bill Substituted by Sponsor in House Rules Comm [House Rules Committee]Major
- Jan 23LFA/ bill sent to agencies for fiscal input for HB0195S01
- Jan 23LFA/ bill assigned to staff for fiscal analysis for HB0195S01
- Jan 22House/ received fiscal note from Fiscal AnalystMinor
- Jan 22LFA/ fiscal note publicly available for HB0195
- Jan 20House/ 1st reading (Introduced)Minor
- Jan 16LFA/ fiscal note sent to sponsor for HB0195
- Jan 14House/ received bill from Legislative ResearchMinor
- Jan 8LFA/ bill sent to agencies for fiscal input for HB0195
- Jan 8LFA/ bill assigned to staff for fiscal analysis for HB0195
- Jan 8Numbered Bill Publicly Distributed
- Jan 8Bill Numbered but not DistributedIntroduced
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