Senate Bill 1588 (2026) — Legal tender
SB 1588
Florida Bills
Florida Senate - 2026 SB 1588 By Senator Gruters 22-01292A-26 20261588__ Page 1 of 13 CODING: Words stricken are deletions; words underlined are additions. A bill to be entitled 1
An act relating to legal tender; repealing s. 18 of 2
chapter 2025-100, Laws of Florida; amending s. 3 215.986, F.S.; revising the
definitions of the terms 4 “gold coin” and “silver coin”; revising requirements 5 for gold coin and silver coin recognized as legal 6 tender; amending s. 560.103, F.S.; revising 7
definitions; defining the term “transactional gold or 8 silver”; amending s. 560.109, F.S.; specifying that 9 money services businesses that transmit gold coin or 10 silver coin, rather than custodians of gold coin or 11 silver coin, must be examined at specified intervals; 12 amending s. 560.141, F.S.; deleting a provision 13 regarding examination of certain applicants; amending 14 s. 560.155, F.S.; revising prohibitions relating to 15 money services businesses; revising the requirements 16 for money services businesses that transmit gold coin 17 or silver coin; amending s. 560.205, F.S.; revising 18 license application requirements for certain 19 applicants; repealing s. 560.214, F.S., relating to 20 custodians of gold coin or silver coin; amending ss. 21 280.21, 559.952, and 655.97, F.S.; conforming 22 provisions to changes made by the act; providing an 23 effective date. 24 25 Be It Enacted by the Legislature of the State of Florida: 26 27
Section
Section 18 of
chapter 2025-100, Laws of Florida, 28 is repealed. 29
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Section 2. Paragraphs (
c) and (
f) of subsection (1) and 30 paragraph (
a) of subsection (2) of
section 215.986, Florida 31 Statues, are amended to read: 32 215.986 Gold and silver coin as legal tender.— 33
(1) DEFINITIONS.—As used in this section, the term: 34 (c) “Gold coin” means a precious metal with the chemical 35 element of atomic number 79 in solid form, in the shape of 36 rounds, bars, ingots, or bullion coins, which is valued for its 37 metal content and stamped or imprinted with its weight and 38 purity and which solid form of chemical element atomic number 79 39 consists of at least 99.5 percent purity. The purity requirement 40 applies to the entire coin or item as a single unit and not to 41 any isolated component or embedded portion of the gold.
The term 42 does not include items that incorporate gold within nonmetal 43 substrates, including, but not limited to, polymer, plastic, 44 paper, or other composite materials, regardless of the purity of 45 the gold component.
The term also does not include any goods as 46 defined in s. 672.105(1), such as jewelry; other items of 47 utility, such as picture frames; or collectibles. 48 (f) “Silver coin” means a precious metal with the chemical 49 element of atomic number 47 in solid form, in the shape of 50 rounds, bars, ingots, or bullion coins, which is valued for its 51 metal content and is stamped or imprinted with its weight and 52 purity and which solid form of chemical element atomic number 47 53 consists of at least 99.9 percent purity.
The purity requirement 54 applies to the entire coin or item as a single unit and not to 55 any isolated component or embedded portion of the silver. The 56 term does not include items that incorporate silver within 57 nonmetal substrates, including, but not limited to, polymer, 58
Florida Senate - 2026 SB 1588 22-01292A-26 20261588__ Page 3 of 13 CODING: Words stricken are deletions; words underlined are additions. plastic, paper, or other composite materials, regardless of the 59 purity of the silver component. The term also does not mean any 60 goods as defined in s. 672.105(1), such as jewelry; other items 61 of utility, such as picture frames; or collectibles. 62
(2) LEGAL TENDER.—Gold coin and silver coin that meet the 63 requirements of this
section are recognized as legal tender by 64 this state for the payment of debts incurred on or after July 1, 65 2026. 66 (
a) Gold coin or silver coin recognized as legal tender in 67 this
section may not be imprinted, stamped, or otherwise marked 68 with any name, symbol, or other information or design, 69 indicating the face value of the coin in the official currency 70 of any government, or with a country’s name on the coin or 71 phrases implying governmental issuance or that the coin was 72 minted by a government mint. including, but not limited to, any 73 suggestion that such coin has been minted or issued by any 74 government, Except as prohibited in this paragraph, the that 75 such coin must be imprinted, stamped, or otherwise marked with 76 the coin’s weight and purity and may be imprinted, stamped, or 77 otherwise marked with the name or symbol that identifies any 78 refiner or mint of the gold coin or silver coin.
Additional 79 artistic or decorative designs, such as images of animals, 80 historical figures, or patterns, are permitted if they are 81 integral to the coin’s surface and do not imply governmental 82 issuance as provided in this paragraph, and if the coin 83 otherwise meets the purity and form requirements in subsection 84 (1). A gold coin or silver coin that does not meet the 85 requirements of this paragraph is not recognized as legal tender 86 for the payment of debts in this state. 87
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Section 3. Subsections (13), (19), and (26) of
section 88 560.103, Florida Statutes, as amended by
chapter 2025-100, Laws 89 of Florida, are amended to read: 90 560.103
Definitions.—As used in this chapter, the term: 91 (13) “Custodian of gold coin or silver coin” or 92 “custodian,” as used for purposes of transactional gold or 93 silver, means any person or entity providing secure vault 94 facilities to one or more persons for the safekeeping and 95 storage of gold coin or silver coin, the ownership of which is 96 intended to be capable of electronic transfer or may be 97 transferred electronically as defined in s. 215.986(1) for legal 98 tender as defined in s. 215.986(1). The term includes any person 99 who holds gold coin or silver coin for more than 10 days.
The 100 term does not include a person who holds gold coin or silver 101 coin for personal use as legal tender or an individual or entity 102 that holds gold or silver that is not intended to be used as 103 legal tender.
For purposes of this subsection, the term 104 “transactional gold or silver” means gold or silver held by a 105 third party which is intended to be used, transferred, or 106 exchanged as legal tender in a commercial or financial 107 transaction through electronic or digital means. 108 (19) “Foreign currency exchanger” means a person who 109 exchanges, for compensation, currency of the United States or a 110 foreign government, gold coin, or silver coin to currency of 111 another government. 112 (26) “Money transmitter” means a corporation, limited 113 liability company, limited liability partnership, or foreign 114 entity qualified to do business in this state which: 115 (
a) receives currency, monetary value, a payment 116
Florida Senate - 2026 SB 1588 22-01292A-26 20261588__ Page 5 of 13 CODING: Words stricken are deletions; words underlined are additions. instrument, gold coin, silver coin, or virtual currency for the 117 purpose of acting as an intermediary to transmit currency, 118 monetary value, a payment instrument, gold coin, silver coin, or 119 virtual currency from one person to another location or person 120 by any means, including transmission by wire, facsimile, 121 electronic transfer, courier, the Internet, or through bill 122 payment services or other businesses that facilitate such 123 transfer within this country, or to or from this country.
The 124 term includes only an intermediary that has the ability to 125 unilaterally execute or indefinitely prevent a transaction; or 126 (
b) Acts as a custodian of gold coin or silver coin. 127
Section 4. Subsection (1) of
section 560.109, Florida 128 Statutes, as amended by
chapter 2025-100, Laws of Florida, is 129 amended to read: 130 560.109 Examinations and investigations.—The office may 131 conduct examinations and investigations, within or outside this 132 state to determine whether a person has violated any provision 133 of this
chapter and related rules, or of any practice or conduct 134 that creates the likelihood of material loss, insolvency, or 135 dissipation of the assets of a money services business or 136 otherwise materially prejudices the interests of their 137 customers. 138
(1) The office may, without advance notice, examine or 139 investigate each licensee as often as is warranted for the 140 protection of customers and in the public interest. However, the 141 office must examine each licensee at least once every 5 years, 142 except that a money services business that transmits custodian 143 of gold coin or silver coin must be examined at least annually. 144 The office may, without advance notice, examine or investigate a 145
Florida Senate - 2026 SB 1588 22-01292A-26 20261588__ Page 6 of 13 CODING: Words stricken are deletions; words underlined are additions. money services business, authorized vendor, affiliated party, or 146 license applicant at any time if the office suspects that the 147 money services business, authorized vendor, affiliated party, or 148 license applicant has violated or is about to violate any 149 provision of this
chapter or any criminal law of this state or 150 of the United States. 151
Section 5. Subsection (3) of
section 560.141, Florida 152 Statutes, as amended by
chapter 2025-100, Laws of Florida, is 153 amended to read: 154 560.141 License application.— 155
(3) The office shall conduct an examination of the 156 applicant, including, but not limited to, the custodian’s vault 157 facilities, before issuing a license to determine the 158 applicant’s ability to conduct business immediately upon opening 159 for business. 160
Section 6. Subsection (1) of
section 560.155, Florida 161 Statutes, as amended by
chapter 2025-100, Laws of Florida, is 162 amended to read: 163 560.155 Gold and silver coin as legal tender.— 164
(1) A money services business may not be required to 165 transmit offer products or services, including, but not limited 166 to, transmitting, storing, exchanging, or accepting payment in 167 gold coin or silver coin. To the extent that a money services 168 business offers such transmissions products or services, the 169 money services business must do all of the following, as 170 applicable: 171 (
a) Except as provided in s. 560.214, Maintain separate 172 accounts for any gold coin or silver coin and not commingle such 173 gold coin or silver coin with any other accounts that hold coin 174
Florida Senate - 2026 SB 1588 22-01292A-26 20261588__ Page 7 of 13 CODING: Words stricken are deletions; words underlined are additions. or currency of the United States or of another country. 175 (
b) Insure the gold coin or silver coin, if not otherwise 176 insured by a an independent custodian of gold coin or silver 177 coin pursuant to s. 560.214(1)(i), for 100 percent of the full 178 replacement value under an all-risk insurance policy issued by a 179 nongovernmental operated insurer that is an authorized insurer 180 or eligible surplus lines insurer. A licensee relying on 181 insurance provided by the custodian must independently verify 182 the insurance coverage is current and active. 183 (
c) Securely store and safeguard all physical gold coin or 184 silver coin with a custodian of gold coin or silver coin within 185 this state. 186 (
d) Ensure that any gold coin or silver coin that is 187 purchased for use or circulation as legal tender is from an 188 accredited refiner or wholesaler as prescribed by commission 189 rule which certifies that the gold coin or silver coin being 190 purchased meets the requirements of gold coin and silver coin. 191 (
e) Make disclosures to a customer at the inception of the 192 relationship for providing products or services relating to gold 193 coin or silver coin before a customer initially purchases or 194 uses a money services business product or service relating to 195 such coin, prescribed on a form adopted by the commission. The 196 commission must adopt rules to prescribe the general form of 197 such disclosures. Such disclosures must include, at a minimum, 198 all of the following: 199 1.
Notice that the value of gold coin or silver coin will 200 fluctuate over time and that such customer should seek 201 professional advice about whether transacting in gold coin or 202 silver coin may incur a federal capital gains tax. 203
Florida Senate - 2026 SB 1588 22-01292A-26 20261588__ Page 8 of 13 CODING: Words stricken are deletions; words underlined are additions. 2. Notice of potential fees that may be incurred for 204 converting gold coin or silver coin to United States dollars or 205 other currency, or any other transaction fees that may be 206 incurred which can be incorporated by referencing the company’s 207 terms and conditions. 208 3. Any additional disclosures the commission deems 209 necessary for the protection of any person or entity that 210 tenders or accepts gold coin or silver coin for the payment of 211 debts, taxes, charges, or dues. 212 (
f) Provide transparent contracts, products, services, 213 storage terms, and fees, including, but not limited to, 214 purchase, sale, conversion, storage, delivery, transaction, or 215 other fees. The spot rate at which any gold coin or silver coin 216 is converted must be disclosed at the time that the gold coin or 217 silver coin is converted. 218 (
g) Comply with chain of custody requirements, as 219 prescribed by commission rule. 220 (
h) Comply with all other applicable state and federal laws 221 and regulations. 222
Section
Section 560.205, Florida Statutes, as amended by 223
chapter 2025-100, Laws of Florida, is amended to read: 224 560.205 Additional license application requirements.—In 225 addition to the license application requirements under
part I of 226 this chapter, an applicant seeking a license under this
part 227 must also submit all of the following information any 228 information required to be submitted by each applicant under the 229 relevant subsection to the office:. 230
(1) Any applicant seeking to operate as a payment 231 instrument seller or money transmitter must provide all of the 232
Florida Senate - 2026 SB 1588 22-01292A-26 20261588__ Page 9 of 13 CODING: Words stricken are deletions; words underlined are additions. following information to the office: 233 (
a) A sample authorized vendor contract, if applicable. 234 (2)(
b) A sample form of payment instrument, if applicable. 235 (3)(
c) Documents demonstrating that the net worth and 236 bonding requirements specified in s. 560.209 have been 237 fulfilled. 238 (4)(
d) A copy of the applicant’s financial audit report for 239 the most recent fiscal year. If the applicant is a wholly owned 240 subsidiary of another corporation, the financial audit report on 241 the parent corporation’s financial statements satisfies this 242 requirement. 243
(2) Any applicant seeking to operate as a money transmitter 244 that is a custodian of gold coin or silver coin must also 245 provide all of the following additional information to the 246 office: 247 (
a) All requirements specified in subsection (1). 248 (5)(
b) Evidence, as prescribed by commission rule, 249 demonstrating an applicant’s compliance with s. 560.155(1)(a)-250 (g), if such applicant intends to act as a money transmitter 251 that transmits gold coin or silver coin of: 252 1. Insurance against loss for all gold coin or silver coin 253 held in its custody; 254 2. Custody of the exact quantity and type of asset for all 255 of its customers’ gold coin or silver coin held in its physical 256 custody; and 257 3. Depository accreditation from an entity approved by the 258 office. 259 (
c) A statement of a business plan providing for the safe 260 and sound operation of custodial services pertaining to the 261
Florida Senate - 2026 SB 1588 22-01292A-26 20261588__ Page 10 of 13 CODING: Words stricken are deletions; words underlined are additions. storage, security, insurance, auditing, administration, 262 authorized access, transacting, and transfer of gold coin or 263 silver coin to the satisfaction of the office or in accordance 264 with rules adopted by the commission. 265
Section
Section 560.214, Florida Statutes, is repealed. 266
Section 9. Paragraph (
a) of subsection (1) of
section 267 280.21, Florida Statutes, is amended to read: 268 280.21 Custodians of gold coin and silver coin.— 269
(1) A custodian of gold coin or silver coin as defined in 270 s. 560.103 which holds public deposits must do all of the 271 following: 272 (
a) Meet the definition of a qualified public depository as 273 defined in s. 280.02, except that such custodian is not required 274 to be insured by the Federal Deposit Insurance Corporation or 275 the National Credit Union Share Insurance Fund for purposes of 276 holding gold coin or silver coin as defined in s. 215.986. Such 277 custodian must maintain insurance as prescribed in s. 560.214. 278
Section 10. Paragraph (
a) of subsection (4) of
section 279 559.952, Florida Statutes, as amended by
chapter 2025-100, Laws 280 of Florida, is amended to read: 281 559.952 Financial Technology Sandbox.— 282
(4) EXCEPTIONS TO GENERAL LAW AND WAIVERS OF RULE 283 REQUIREMENTS.— 284 (
a) Notwithstanding any other law, upon approval of a 285 Financial Technology Sandbox application, the following 286 provisions and corresponding rule requirements are not 287 applicable to the licensee during the sandbox period: 288 1.
Section 516.03(1), except for the application fee, the 289 investigation fee, the requirement to provide the social 290
Florida Senate - 2026 SB 1588 22-01292A-26 20261588__ Page 11 of 13 CODING: Words stricken are deletions; words underlined are additions. security numbers of control persons, evidence of liquid assets 291 of at least $25,000 or documents satisfying the requirements of 292 s. 516.05(10), and the office’s authority to investigate the 293 applicant’s background. The office may prorate the license 294 renewal fee for an extension granted under subsection (7). 295 2.
Section 516.05(1) and (2), except that the office shall 296 investigate the applicant’s background. 297
Section 560.109, only to the extent that the
section 298 requires the office to examine a licensee at least once every 5 299 years. 300 4.
Section 560.118(2). 301 5.
Section 560.125(1), only to the extent that the 302 subsection would prohibit a licensee from engaging in the 303 business of a money transmitter or payment instrument seller 304 during the sandbox period. 305 6.
Section 560.125(2), only to the extent that the 306 subsection would prohibit a licensee from appointing an 307 authorized vendor during the sandbox period. Any authorized 308 vendor of such a licensee during the sandbox period remains 309 liable to the holder or remitter. 310
Section 560.128. 311
Section 560.141, except for s. 560.141(1)(a)1., 3., 7.-312 10. and (b), (c), and (d). 313 9.
Section 560.142(1) and (2), except that the office may 314 prorate, but may not entirely eliminate, the license renewal 315 fees in s. 560.143 for an extension granted under subsection 316 (7). 317 10.
Section 560.143(2), only to the extent necessary for 318 proration of the renewal fee under subparagraph 9. 319
Florida Senate - 2026 SB 1588 22-01292A-26 20261588__ Page 12 of 13 CODING: Words stricken are deletions; words underlined are additions. 11.
Section 560.204(1), only to the extent that the 320 subsection would prohibit a licensee from engaging in, or 321 advertising that it engages in, the activity of a payment 322 instrument seller or money transmitter during the sandbox 323 period. 324 12.
Section 560.205(2)
Section 560.205 (1)(b). 325 13.
Section 560.208(2). 326
Section 560.209, only to the extent that the office may 327 modify, but may not entirely eliminate, the net worth, corporate 328 surety bond, and collateral deposit amounts required under that 329 section. The modified amounts must be in such lower amounts that 330 the office determines to be commensurate with the factors under 331 paragraph (5)(
c) and the maximum number of consumers authorized 332 to receive the financial product or service under this section. 333
Section 11. Paragraphs (a), (b), and (
d) of subsection (4) 334 of
section 655.97, Florida Statutes, are amended to read: 335 655.97 Gold and silver coin as legal tender.— 336
(4) To the extent that a financial institution accepts gold 337 coin or silver coin deposits or otherwise holds such coin on 338 behalf of its customers, members, or the public, the financial 339 institution must do all of the following: 340 (
a) Except as provided in s. 560.214, Maintain separate 341 accounts for any gold coin or silver coin and not commingle such 342 gold coin or silver coin with any other accounts that hold coin 343 or currency of the United States or of another country. 344 (
b) Insure the gold coin or silver coin, if not otherwise 345 insured by a custodian of gold coin or silver coin pursuant to 346 s. 560.214(1)(i), for 100 percent of the full replacement value 347 under an all-risk insurance policy issued by a nongovernmental-348
Florida Senate - 2026 SB 1588 22-01292A-26 20261588__ Page 13 of 13 CODING: Words stricken are deletions; words underlined are additions. operated insurer that is an authorized insurer or an eligible 349 surplus lines insurer. 350 (
d) Comply, or be responsible and accountable for any 351 third-party vendor that stores such gold coin or silver coin on 352 its behalf to comply, with the requirements for a custodian of 353 gold coin or silver coin as provided in s. 560.214. A financial 354 institution regulated under the financial institutions code of 355 this state which acts as a custodian is exempt from obtaining a 356 separate license as a custodian pursuant to s. 560.204(1). 357