{"data":{"id":"us-ut/utah-code-67-4-20","jurisdiction":"us-ut","citation":"Utah Code § 67-4-20","heading":"Precious metals-backed electronic payment system.","body":"(1) As used in this section:\n(a) \"Contractor\" means the same as that term is defined in Section 63G-6a-103.\n(b) \"Participating contractor\" means a contractor that chooses to receive payment from the state through a precious metals-backed electronic payment system.\n(c) \"Precious metals-backed electronic payment system\" means an electronic payment system that:\n(i) uses physical gold or silver held in vault facilities within the state as backing for electronic transactions;\n(ii) enables a system participant to redeem physical gold or silver; and\n(iii) enables the state to make payments to a participating contractor.\n(d)\n(i) \"System participant\" means a person who:\n(A) maintains an account within a precious metals-backed electronic payment system;\n(B) conducts one or more transactions using a precious metals-backed electronic payment system; or\n(C) holds redemption rights for physical gold or silver within a precious metals-backed electronic payment system.\n(ii) \"System participant\" includes a participating contractor.\n(2) The state treasurer shall:\n(a) 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;\n(b) ensure that the precious metals-backed electronic payment system complies with all applicable provisions of Title 51, Chapter 7, State Money Management Act;\n(c) consult with the State Tax Commission on potential tax implications of the precious metals-backed electronic payment system;\n(d) evaluate the options and implications for allowing state employees to receive compensation through the precious metals-backed electronic payment system; and\n(e) 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.\n(3) The Division of Finance shall:\n(a) 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;\n(b) evaluate the options for and implications of integration of the precious metals-backed electronic payment system into the statewide accounting system; and\n(c) evaluate the options and implications of allowing state employees to receive compensation through the precious metals-backed electronic payment system.\n(4) To select a contractor described in Subsection (2)(a), the state treasurer shall:\n(a) issue a request for proposals in accordance with Title 63G, Chapter 6a, Part 7, Request for Proposals;\n(b) include security, efficiency, and cost-effectiveness in the request for proposal's evaluation criteria; and\n(c) ensure that the final contract requires that the precious metals-backed electronic payment system:\n(i) is publicly available; and\n(ii) complies with all applicable state and federal laws and regulations.\n(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.\n(6) Nothing in this section:\n(a) requires a contractor to participate in the precious metals-backed electronic payment system;\n(b) requires a state entity to participate in the precious metals-backed electronic payment system; or\n(c) prevents the state from using other forms of payment or currency for the state's operations.","path":["Title 67 State Officers and Employees","Chapter 67-4 Treasurer"],"source_url":"https://le.utah.gov/xcode/Title67/Chapter4/67-4-S20.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:34Z","sha256":"ce963c7e649faf335947dc47c7f129eedf93a0e1f014b0303993968b4224dd36","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-67-4-19","next":"us-ut/utah-code-67-4-22"},"notice":"GroundRules: Original legal text. Not legal advice."}