IN HB 1227
died on adjournmentDesignation of gold and silver as legal tender.
Indiana · 2026 Regular Session (2nd Regular Session, 124th General Assembly) · lower
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Quick answers
Did IN HB 1227 pass?
No. IN HB 1227 died when the 2026 Regular Session (2nd Regular Session, 124th General Assembly) adjourned without final action on it. Bills that die this way are sometimes reintroduced in a later session. Latest recorded action (2026-01-05): Authored by Representative Lindauer
What is IN HB 1227 about?
Requires the treasurer of state (treasurer) to designate one or more established bullion depositories to provide a secure location for the storage of bullion by Indiana consumers. Requires the treasurer to engage an electronic payment system to oversee transactional and administrative procedures on behalf of consumers holding bullion depository accounts in a designated bullion depository. Provides that a consumer may establish a bullion depository account with a designated bullion depository by entering into a depository agreement with the bullion depository. Provides that a designated bullion depository qualifies as a state depository and is eligible to receive public funds of: (1) the state; or (2) a political subdivision; on deposit. Provides that each designated bullion depository must be audited by an independent third party auditor on an annual basis. Requires the treasurer to provide to the members of the general assembly on an annual basis a report concerning the operations and financial status of each designated bullion depository. Provides that the treasurer shall: (1) adopt guidelines; (2) designate one or more bullion depositories; and (3) engage an electronic payment system; not later than December 31, 2027. Provides that bullion is not subject to assessment and taxation under Indiana's property tax statute. Provides that the exchange of one type or form of legal tender for another type or form of legal tender is exempt from the state gross retail tax. Provides that the purchase, sale, or exchange of any type of specie is exempt from the state gross retail tax. Provides that specie is recognized as legal tender in Indiana. Provides that except as otherwise specifically provided by law or contract, a person may not compel any other person to tender or accept specie as legal tender. Provides that a prevailing party in an action for breach of any contract provision that expressly designates a type or form of specie as legal tender is entitled to specific performance of the contract provision.
Who sponsors IN HB 1227?
Shane Lindauer is the primary sponsor of IN HB 1227.
Description
Requires the treasurer of state (treasurer) to designate one or more established bullion depositories to provide a secure location for the storage of bullion by Indiana consumers. Requires the treasurer to engage an electronic payment system to oversee transactional and administrative procedures on behalf of consumers holding bullion depository accounts in a designated bullion depository. Provides that a consumer may establish a bullion depository account with a designated bullion depository by entering into a depository agreement with the bullion depository. Provides that a designated bullion depository qualifies as a state depository and is eligible to receive public funds of: (1) the state; or (2) a political subdivision; on deposit. Provides that each designated bullion depository must be audited by an independent third party auditor on an annual basis. Requires the treasurer to provide to the members of the general assembly on an annual basis a report concerning the operations and financial status of each designated bullion depository. Provides that the treasurer shall: (1) adopt guidelines; (2) designate one or more bullion depositories; and (3) engage an electronic payment system; not later than December 31, 2027. Provides that bullion is not subject to assessment and taxation under Indiana's property tax statute. Provides that the exchange of one type or form of legal tender for another type or form of legal tender is exempt from the state gross retail tax. Provides that the purchase, sale, or exchange of any type of specie is exempt from the state gross retail tax. Provides that specie is recognized as legal tender in Indiana. Provides that except as otherwise specifically provided by law or contract, a person may not compel any other person to tender or accept specie as legal tender. Provides that a prevailing party in an action for breach of any contract provision that expressly designates a type or form of specie as legal tender is entitled to specific performance of the contract provision.
- Introduced
- —
- Latest action
- 2026-01-05 — Authored by Representative Lindauer
- Bill type
- bill
- Last updated
- —
Subjects
Sponsors
- Shane Lindauerauthor
Committees
Not provided by source.
Action timeline
Newest first
2026-01-05
Authored by Representative Lindauer
2026-01-05
First reading: referred to Committee on Financial Institutions
reading-1,referral-committee
Versions
Documents
- application/pdf
- application/pdf(no extracted text yet)
Votes
Not provided by source.
Related bills
No related bills recorded for this bill.
Official source
Attribution
Data from openstates_bulk_csv, retrieved 2026-07-24T05:22:09.317128Z
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