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House approves bill allowing vendors to receive state payments in gold or silver accounts
Summary
First substitute House Bill 306 passed the House after floor debate about fiscal notes and implementation. The bill authorizes the state to offer vendors the option to receive payments in precious‑metal denominated arrangements and directs the treasurer’s office to issue an RFP for service providers.
The Utah House on Feb. 13 approved first substitute House Bill 306, a measure that allows vendors to opt to receive state payments in precious metals or through services that convert state dollars into gold or silver holdings. The bill passed on a recorded vote of 71‑0 and will be transmitted to the Senate.
Representative Ivory, the bill sponsor, said the measure takes “a small step in the area of democratizing money,” noting that Utah handles refining and trading…
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