HB1614: A BILL FOR AN ACT to amend the Indiana Code concerning commercial law.

Page last updated: Sunday, April 20, 2025 at 7:33 PM (America/Indianapolis).

General Information

• Stage: House Bill (H)
• Current Chamber: house
• Origin Chamber: house
• Description: Bullion depositories.

Legislators

Actions (5 total)

• Feb 4, 2025, 11:25 AM: Recommitted to Committee on Ways and Means pursuant to House Rule 126.3
• Feb 4, 2025, 11:25 AM: Committee report: amend do pass, adopted
• Jan 21, 2025, 11:33 AM: First reading: referred to Committee on Financial Institutions
• Jan 21, 2025, 11:33 AM: Authored by Representative Lindauer
• Jan 21, 2025, 11:33 AM: Coauthored by Representatives Teshka, Lucas, Ledbetter

Digest

Defines "bullion" as refined silver or gold that has certain specified characteristics. Defines "specie" as bullion that is fabricated into products that are suitable for, or customarily used as, currency or a medium of exchange. Defines "specie legal tender" as: (1) specie coin issued by the United States government; or (2) any other specie that a federal court determines to be within state authority to make or designate as legal tender under the Constitution of the United States. 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: (1) specie legal tender; and (2) electronic currency; are 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 tender is entitled to specific performance of the contract provision.