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UtahH.B. 1952026 General SessionHouseWALLET

Precious Metals Amendments

Sponsored By: Ken Ivory (Republican)

Became Law

Public Funds and AccountsElectronic DatabasesElectronic TransactionsElectronic InformationPublic BudgetingBusinessFinancial InstitutionsSecuritiesEnergyNatural ResourcesMiningLegislative OperationsLegislative Committees and Task ForcesLegislative OrganizationGovernment Operations (State Issues)AppropriationsConstitutional OfficersState Treasurer

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 0 benefits, 0 costs, 2 mixed.

Precious metals payment option for contractors

Beginning May 6, 2026, the state sets up an electronic payment system backed by gold or silver kept in Utah vaults. Participating contractors can choose to get paid through the system and can redeem physical metal. When a participant gets paid or redeems metal, they pay any transaction costs. The treasurer runs a public RFP that scores security, efficiency, and cost, and contracts vendors. The system is public, follows all laws, and is voluntary; the state can still use other payment methods. The treasurer ensures compliance, consults the Tax Commission on taxes, studies paying employees, and reports each year. The Division of Finance writes rules and studies linking the system to state accounting.

State limits and manages gold investments

Beginning May 6, 2026, the state treasurer can invest part of four named reserve accounts in gold or silver. No more than 10% of any account may be in precious metals when an investment is made. These investments must follow state money management rules. Administrative costs, like delivery and vaulting, come out of the investment earnings. In 2026 and 2027, the treasurer studies precious metals’ role and sends any recommendations by the committee’s October interim meeting.

Sponsors & Cosponsors

Sponsor

  • Ken Ivory

    Republican • House

Cosponsors

  • Cheryl K. Acton

    Republican • House

  • Carl R. Albrecht

    Republican • House

  • Tiara Auxier

    Republican • House

  • Stewart E. Barlow

    Republican • House

  • Jefferson S. Burton

    Republican • House

  • Kay J. Christofferson

    Republican • House

  • Clancy, T.

    Affiliation unavailable

  • Jennifer Dailey-Provost

    Democratic • House

  • Joseph Elison

    Republican • House

  • Keith Grover

    Republican • Senate

  • Gwynn, M.

    Affiliation unavailable

  • Colin W. Jack

    Republican • House

  • Jason B. Kyle

    Republican • House

  • Trevor Lee

    Republican • House

  • Matt MacPherson

    Republican • House

  • Michael J. Petersen

    Republican • House

  • Jake Sawyer

    Republican • House

  • Troy Shelley

    Republican • House

  • Rex P. Shipp

    Republican • House

  • Casey Snider

    Republican • House

  • Jason E. Thompson

    Republican • House

  • Doug Welton

    Republican • House

  • Stephen L. Whyte

    Republican • House

  • Ryan D. Wilcox

    Republican • House

Roll Call Votes

All Roll Calls

Yes: 119 • No: 24

Senate vote • 3/5/2026

Senate/ motion to reconsider

Yes: 0 • No: 0

Senate vote • 3/5/2026

Senate/ failed

Yes: 14 • No: 7

Senate vote • 3/5/2026

Senate/ passed 2nd & 3rd readings/ suspension

Yes: 22 • No: 6

House vote • 3/2/2026

Senate Comm - Favorable Recommendation

Yes: 4 • No: 2

House vote • 2/17/2026

Senate Comm - Motion to Recommend Failed

Yes: 3 • No: 3

House vote • 2/10/2026

House/ passed 3rd reading

Yes: 65 • No: 6

House vote • 2/10/2026

House/ floor amendment

Yes: 0 • No: 0

House vote • 1/29/2026

House Comm - Favorable Recommendation

Yes: 11 • No: 0

Actions Timeline

  1. Became Law w/o Governor Signature

    3/26/2026

  2. House/ to Governor

    3/12/2026House

  3. House/ received enrolled bill from Printing

    3/12/2026House

  4. House/ enrolled bill to Printing

    3/11/2026House

  5. Enrolled Bill Returned to House or Senate

    3/11/2026

  6. Draft of Enrolled Bill Prepared

    3/6/2026

  7. Bill Received from House for Enrolling

    3/6/2026

  8. House/ signed by Speaker/ sent for enrolling

    3/5/2026House

  9. House/ received from Senate

    3/5/2026House

  10. Senate/ to House

    3/5/2026Senate

  11. Senate/ signed by President/ returned to House

    3/5/2026Senate

  12. Senate/ passed 2nd & 3rd readings/ suspension

    3/5/2026Senate

  13. Senate/ motion to reconsider

    3/5/2026Senate

  14. Senate/ failed

    3/5/2026Senate

  15. Senate/ 2nd & 3rd readings/ suspension

    3/5/2026Senate

  16. Senate/ Rules to 2nd Reading Calendar

    3/5/2026Senate

  17. Senate/ 2nd Reading Calendar to Rules

    3/4/2026Senate

  18. Senate/ placed on 2nd Reading Calendar

    3/2/2026Senate

  19. Senate/ committee report favorable

    3/2/2026Senate

  20. Senate Comm - Favorable Recommendation

    3/2/2026

  21. Senate Comm - Motion to Recommend Failed

    2/17/2026

  22. Senate/ to standing committee

    2/17/2026Senate

  23. Senate/ 1st reading (Introduced)

    2/12/2026Senate

  24. Senate/ received from House

    2/10/2026Senate

  25. House/ to Senate

    2/10/2026House

Bill Text

  • Enrolled

    3/11/2026

    PDF

  • Amended 2/10/2026 14:02:964

    2/10/2026

    PDF

  • Substitute #1

    1/23/2026

    PDF

  • Introduced

    1/8/2026

    PDF

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