67-4-20. Precious metals-backed electronic payment system.
(1) As used in this section: "Contractor" means the same as that term is defined in Section. 63G-6a-103 "Participating contractor" means a contractor that chooses to receive payment from the state through a precious metals-backed electronic payment system. "Precious metals-backed electronic payment system" means an electronic payment system that: uses physical gold or silver held in vault facilities within the state as backing for electronic transactions; enables a system participant to redeem physical gold or silver; and enables the state to make payments to a participating contractor. "System participant" means a person who: maintains an account within a precious metals-backed electronic payment system; conducts one or more transactions using a precious metals-backed electronic payment system; or holds redemption rights for physical gold or silver within a precious metals-backed electronic payment system. "System participant" includes a participating contractor.
(2) The state treasurer shall: in consultation with the Division of Finance, contract with one or more third parties to establish and operate a precious metals-backed electronic payment system on the state's behalf; ensure that the precious metals-backed electronic payment system complies with all applicable provisions of Title 51, Chapter 7, State Money Management Act; consult with the State Tax Commission on potential tax implications of the precious metals-backed electronic payment system; evaluate the options and implications for allowing state employees to receive compensation through the precious metals-backed electronic payment system; and annually submit a written report to the Revenue and Taxation Interim Committee describing the status and performance of the precious metals-backed electronic payment system.
(3) The Division of Finance shall: make rules in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, governing the use of the precious metals-backed electronic payment system by participating contractors; evaluate the options for and implications of integration of the precious metals-backed electronic payment system into the statewide accounting system; and evaluate the options and implications of allowing state employees to receive compensation through the precious metals-backed electronic payment system.
(4) To select a contractor described in Subsection, the state treasurer shall: (2)(a) issue a request for proposals in accordance with Title 63G, Chapter 6a, Part 7, Request for Proposals; include security, efficiency, and cost-effectiveness in the request for proposal's evaluation criteria; and ensure that the final contract requires that the precious metals-backed electronic payment system: is publicly available; and complies with all applicable state and federal laws and regulations.
(5) When a system participant receives a payment or redeems physical gold or silver through the precious metals-backed electronic payment system, the system participant shall pay any transactional costs associated with the transaction.
(6) Nothing in this section: requires a contractor to participate in the precious metals-backed electronic payment system; requires a state entity to participate in the precious metals-backed electronic payment system; or prevents the state from using other forms of payment or currency for the state's operations.