(1) As used in this section, the term:(a) “Custodian of gold coin or silver coin” or “custodian” has the same meaning as in s. 560.103(13). (b) “Electronic transfer” has the same meaning as in s. 215.986(1)(b). (c) “Gold coin” has the same meaning as in s. 215.986(1)(c). (d) “Receive deposits” means the taking of gold coin or silver coin to be credited to a new or existing account.
(e) “Silver coin” has the same meaning as in s. 215.986(1)(f). (2) As provided in s. 215.986(2)(e), a financial institution may not be required to offer any products or services relating to gold coin or silver coin, including, but not limited to, taking any of the following actions:(a) Receiving deposits consisting of gold coin or silver coin, whether in physical form or by electronic transfer.
(b) Exchanging gold coin or silver coin for coin or currency of the United States or of another country.
(3) A financial institution may not incur any liability for refusing to offer products or services relating to gold coin or silver coin as provided in subsection (1), except as specifically provided by contract.
(4) To the extent that a financial institution accepts gold coin or silver coin deposits or otherwise holds such coin on behalf of its customers, members, or the public, the financial institution must do all of the following:(a) Except as provided in s. 560.214, maintain separate accounts for any gold coin or silver coin and not commingle such gold coin or silver coin with any other accounts that hold coin or currency of the United States or of another country. (b) Insure the gold coin or silver coin, if not otherwise insured by a custodian of gold coin or silver coin pursuant to s. 560.214(1)(i), for 100 percent of the full replacement value under an all-risk insurance policy issued by a nongovernmental-operated insurer that is an authorized insurer or an eligible surplus lines insurer. (c) If a financial institution decides to contract with a custodian of gold coin or silver coin, securely store and safeguard all physical gold coin or silver coin with such custodian within this state. A financial institution that contracts with a custodian of gold coin or silver coin to store customer deposits must disclose to such customers the name and location of where the gold coin and silver coin are stored.
(d) Comply, or be responsible and accountable for any third-party vendor that stores such gold coin or silver coin on its behalf to comply, with the requirements for a custodian of gold coin or silver coin as provided in s. 560.214. A financial institution regulated under the financial institutions code of this state which acts as a custodian is exempt from obtaining a separate license as a custodian pursuant to s. 560.204(1). (e) Ensure that any gold coin or silver coin purchased for use or circulation as legal tender is from an accredited refiner or wholesaler as prescribed by commission rule which certifies that the gold coin or silver coin being purchased meets the requirements of gold coin and silver coin.
(f) Make disclosures to a customer at the inception of the relationship for providing products or services relating to gold coin or silver coin before a customer initially purchases or uses a product or service relating to such coin, prescribed on a form adopted by the commission. The commission must adopt rules to prescribe the general form of such disclosures. Such disclosures must include, at a minimum, all of the following:1. Notice that the value of gold coin or silver coin will fluctuate over time and that such customer should seek professional advice about whether transacting in gold coin or silver coin may incur a federal capital gains tax.
2. Notice of potential fees that may be incurred for converting gold coin or silver coin to United States dollars or other currency, or any other transaction fees that may be incurred which can be incorporated by referencing the company’s terms and conditions.
3. Any additional disclosures the commission deems necessary for the protection of any person or entity that tenders or accepts gold coin or silver coin for the payment of debts, taxes, charges, or dues.
(g) Provide transparent contracts, products, services, storage terms, and fees, including, but not limited to, purchase, sale, conversion, storage, delivery, transaction, or other fees. The spot rate at which any gold coin or silver coin is converted must be disclosed at the time the gold coin or silver coin is converted.
(h) Comply with chain of custody requirements, as prescribed by commission rule.
(i) Comply with all other applicable state and federal regulations.
(5) The commission must adopt rules to implement this section.
1Note.—A. Effective July 1, 2026, “upon legislative ratification of rules of the Financial Services Commission and the Chief Financial Officer as provided in section 17 of [ch. 2025-100].” Section 18(1), ch. 2025-100, provides that “[t]o avoid this act taking effect before the required rules have been adopted and ratified, this act shall stand repealed on June 30, 2026, unless reviewed and saved from repeal through reenactment by the Legislature after ratification of the required rules.”
B. Section 17, ch. 2025-100, provides:
“(1) The Chief Financial Officer shall adopt rules to implement s. 280.21, Florida Statutes, as created by this act. The Financial Services Commission shall adopt rules to implement any provisions in chapter 560, Florida Statutes, or chapter 655, Florida Statutes, as created or amended by this act, including, but not limited to, ss. 560.155, 560.214, and 655.97, Florida Statutes. Such rules must be adopted by November 1, 2025, and submitted to the President of the Senate and Speaker of the House of Representatives on or before November 1, 2025, in the report specified in section 16. Such rules may not take effect until they are ratified by the Legislature. The Chief Financial Officer and the Financial Services Commission shall notify the Division of Law Revision upon legislative ratification of such rules.
“(2) This section is effective upon becoming a law solely for the purpose of adopting the rules required under this section, but such rules may not be implemented until such rules are ratified by the Legislature and until such time that the provisions for which the rules are adopted become law.”
