SB 1096 Arizona Senate · 57th Legislature - First Regular Session

bullion depository; establishment

SB 1096 establishes the Arizona Bullion Depository to securely store gold and silver bullion and specie (coins). It directly affects state agencies, counties, municipalities, and private individuals who may deposit precious metals. Key provisions include requiring the depository to record deposits in troy ounces, mandating annual third-party audits of stored metals and security, and prohibiting conflicts of interest for administrators. The depository serves as the state’s custodian for bullion held by government entities, with state monies deposited as bullion counted as part of Arizona’s financial reserves.

Bill status passed 3 of 5 stages cleared

Introduction

Jan 2025

Committee Review

Mar 2025

Senate Passage

Mar 2025

House Passage

Governor

Introduced Jan 15, 2025 Last action Mar 18, 2025

Maddy AI version diff · 1 comparison

What changed between versions

Introduced Version → Senate Engrossed Version · 6 edits · Mar 3, 2025

MODERATE

The bill was reformatted from an introduced version to a Senate engrossed version, adding new substantive provisions that were not present in the original draft. These additions include expanded powers for the depository administrator, new audit requirements, provisions for transactional currency as legal tender, and restrictions on foreign nations and enemies of the United States from using the depository.

Scope change

The bill's scope expanded to include new operational provisions for the depository, including legal tender status for transactional currency, enhanced security audits, and specific prohibitions on foreign access.

REQUIREMENT

Added new section 6-1803(D) granting the administrator authority to appoint deputies and employ security officers.

Added new section 6-1804(D) requiring administrators and employees to disclose potential conflicts of interest.

Added new section 6-1804(C) mandating independent third-party audits at least twice per year with public summary reporting.

Added new section 6-1812 prohibiting foreign nations and enemies of the United States from using depository services.

DEFINITION

Added new section 6-1805 establishing transactional currency as legal tender and authorizing the director to contract with private vendors.

Added new section 6-1806 creating a pooled depository account held in trust for transactional currency holders.

Floor votes

How they voted

This bill passed the Senate by voice vote (no roll call recorded).

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 18, 2025

Lower · Passed

lower

Mar 3, 2025

Upper · Passed

PASSED

upper

Feb 27, 2025

Upper · Passed

upper

Jan 27, 2025

Upper · Passed

upper

1 primary · 1 co-sponsor