Michigan HB4086: State finance: other; office of the Michigan bullion depository and Michcoin act; create. Creates new act.

What the bill says

To establish and provide for the issuance of gold and silver specie and digital currency based on gold and silver; to create the office of the Michigan bullion depository in the department of treasury and prescribe its powers and duties; to provide for the powers and duties of certain state and local governmental officers and entities; to impose certain fees; to authorize the issuance of bonds, notes, and other evidences of indebtedness; to provide remedies; and to require the promulgation of rules.

From the introduced text, February 13, 2025:

A bill to establish and provide for the issuance of gold and silver specie and digital currency based on gold and silver; to create the office of the Michigan bullion depository in the department of treasury and prescribe its powers and duties; to provide for the powers and duties of certain state and local governmental officers and entities; to impose certain fees; to authorize the issuance of bonds, notes, and other evidences of indebtedness; to provide remedies; and to require the promulgation of rules. the people of the state of michigan enact: ARTICLE 1 GENERAL PROVISIONS Sec. 1. This act may be cited as the "Michcoin act". Sec. 3. As used in this act: (a) "Administrator" means the bullion depository administrator appointed under section 33. (b) "Bullion" means precious metals that are formed into uniform shapes and quantities such as ingots, bars, or plates, with uniform content and purity, as are suitable for or customarily used in the purchase, sale, storage, transfer, and delivery of bulk or wholesale transactions in precious metals. (c) "Business day" means a day other than a Saturday, Sunday, or banking holiday for a bank chartered under the laws of this state. (d) "Department" means the department of treasury. (e) "Deposit" means the establishment of an executory obligation of the depository to deliver to the order …

Read the full official text

Sponsors

• Farhat, Alabas (D, 3) · primary sponsor