Senate Bill 2785

AN ACT TO ESTABLISH THE MISSISSIPPI BULLION DEPOSITORY IN THE OFFICE OF THE STATE TREASURER; TO PROVIDE FOR THE APPOINTMENT AND DUTIES OF THE ADMINISTRATOR AND DEPUTY ADMINISTRATOR; TO PROVIDE THAT DEPOSITS MAY NOT BE CONSIDERED PART OF THE STATE GENERAL FUND OR CERTIFIED AS AVAILABLE FOR APPROPRIATION; TO PROVIDE FOR THE DEPOSIT OF CERTAIN MONIES TO THE STATE GENERAL FUND; TO PROVIDE FOR THE RECEIPT OF DEPOSITS; TO SPECIFY PROCEDURES; TO SPECIFY CERTAIN DUTIES OF THE STATE TREASURER; TO REQUIRE THE PROMULGATION OF RULES; TO ESTABLISH STANDARDS FOR TESTING AND AUTHENTICITY; TO PROVIDE FOR THE DELIVERY AND SHIPPING OF DEPOSITS HELD BY OR ON BEHALF OF THE DEPOSITORY; TO PROVIDE FOR THE ISSUANCE OF A DEBIT CARD TO THE DEPOSITORY ACCOUNT HOLDER; TO PROVIDE PROCEDURES FOR THE TRANSFER OF ACCOUNTS; TO PROVIDE FOR ACCOUNTING OF DEPOSITORY ACCOUNT BALANCES; TO SPECIFY PROCEDURES FOR THE ESTABLISHMENT OF DEPOSITORY ACCOUNTS; TO REQUIRE CONTRACTS AND SPECIFY TERMS; TO PROVIDE FOR CONTRACT AMENDMENTS; TO SPECIFY WHEN A CAUSE OF ACTION FOR DENIAL OF DEPOSIT LIABILITY MAY ACCRUE; TO AUTHORIZE THE STATE TREASURER TO ESTABLISH FEES AND PENALTIES; TO PROVIDE FOR PLEDGES AND TRANSFERS OF DEPOSITORY ACCOUNTS; TO PROHIBIT CERTAIN PAYMENTS; TO PROVIDE FOR LIENS ON DEPOSITORY ACCOUNTS AND PAYMENTS OF CERTAIN OBLIGATIONS; TO PROVIDE FOR INVESTMENTS BY CERTAIN PERSONS AND ENTITIES; TO PROVIDE FOR CREDIT AGAINST CERTAIN TAX; TO PROVIDE FOR GOVERNANCE OF CERTAIN LAWS; TO ALLOW THE PLEDGE OR TRANSFER OF JOINTLY HELD ACCOUNTS; TO PROVIDE THAT OWNERSHIP NOT BE SEVERED THEREBY; TO ALLOW THE DEPOSITORY OR DEPOSITORY AGENT TO ACCEPT ACCOUNTS IN THE NAME OF A FIDUCIARY; TO PROVIDE PROCEDURES IN CASES OF PERSONS CLAIMING TO BE TRUSTEES; TO PROVIDE THAT THE DEPOSITORY NOT HAVE FURTHER LIABILITY; TO REQUIRE THE DEPOSITORY TO RECOGNIZE CERTAIN AUTHORITY UPON NOTICE; TO REQUIRE THE DEPOSITORY TO ENTER INTO CERTAIN TRANSACTIONS AND RELATIONSHIPS; TO PROHIBIT CERTAIN ACTS; TO VOID CERTAIN ACTIONS TO CONTROL ACCOUNTS; TO PROVIDE PROCEDURES FOR THE DEPOSITORY IN SUCH INSTANCES; TO REQUIRE THE STATE TREASURER TO ESTABLISH EXCHANGE RATE REFERENCES AND ACCOUNTING AND REPORTING REQUIREMENTS; TO REQUIRE AN ANNUAL REPORT; TO PROVIDE PROCEDURES TO CONDUCT RETAIL TRANSACTIONS; TO PROVIDE FOR THE LICENSING AND APPOINTMENT OF DEPOSITORY AGENTS; TO SPECIFY REQUIREMENTS APPLICABLE TO DEPOSITORY AGENTS; TO PROVIDE FOR DEPOSITORY AGENT SERVICES; TO PROHIBIT CERTAIN ACTS BY UNLICENSED PERSONS; TO PROHIBIT LICENSURE OF CERTAIN PERSONS; TO SPECIFY THE CIRCUMSTANCES UNDER WHICH A PERSON MAY ENGAGE IN THE BUSINESS OF DEPOSITORY AGENT SERVICES; TO PROVIDE FOR APPLICATION FOR A DEPOSITORY AGENT LICENSE; TO REQUIRE CERTAIN SECURITY; TO ALLOW TEMPORARY LICENSURE; TO SPECIFY THE LIABILITY, DUTIES AND PROHIBITED ACTS OF A DEPOSITORY AGENT LICENSE HOLDER; TO PROVIDE FOR THE REVOCATION OF LICENSES; TO PROHIBIT THE CONSIDERATION OF DEPOSITS AS ASSETS IN CERTAIN PROCEEDINGS; TO REQUIRE THE FURNISHING OF CERTAIN INFORMATION IN CONNECTION WITH TRANSACTIONS; AND FOR RELATED PURPOSES.

In the Senate

• Kathy L. Chism

  Sponsor

l9n doesn't hold this bill's text yet.

In the Senate Feb 19 – Mar 5

1. Feb 19Referred to the Senate committees on Business and Financial Institutions and on Government Structure
2. Mar 5Died in committee in the Senate