AN ACT relating to transactional precious metals.

Source-provided summary

Create a new section of KRS Chapter 41 to define terms; recognize gold specie and silver specie as legal tender in Kentucky; provide for use of gold specie and silver specie as legal tender; require the State Treasurer to promulgate administrative regulations in accordance with KRS Chapter 13A to designate or establish a bullion depository and authorize 1 or more electronic payment systems to facilitate electronic payment transactions; establish requirements for system participants, transaction information, and bullion deposits; require the State Treasurer to submit an annual report to the Legislative Research Commission and to implement the system within 1 year; amend KRS 141.109 and 141.039 to exempt capital gains and losses attributable to the sale or exchange of gold specie and silver specie; provide that Section 1 of the Act may be cited as the Kentucky Transactional Gold and Silver Act.