There could be an indeterminate revenue gain to General Revenue from the fees, charges, or other payments received from the depository operations.

HB3505 by Capriglione (Relating to the establishment and administration of a state bullion depository and the investment of certain public money in precious metals and depository accounts.), As Introduced

Fiscal Analysis

This bill would amend various Sections of the Government , Occupation and Finance Codes relating to the establishment and administration of a state bullion depository and the investment of certain public money in precious metals and depository accounts.

This bill would amend Subtitle C, Title 10, Government Code by adding Chapter 2116 - Texas Bullion Depository: (1) to outline the requirements of establishment and administration of Texas Bullion; (2) to set that deposits to the depository and other related assets are not subject to legislative appropriation; (3) to direct any revenue realizes from fees, charges or other payments received in the course of depository operations to General Revenue Fund; (4) to set requirements regarding setting depository accounts, their types, contracts for their management, accounts' fees, penalties and transfers of their balances; (5) to require Comptroller to establish accounting and reporting policy and procedures for depository and depository agents.

This bill would make necessary changes to existing Sections of the Occupation and Finances Codes relating to the depository agents, their licensing, regulation and certification.

This bill would take effect immediately upon enactment, assuming that it received the requisite two-thirds majority votes in both houses of the Legislature. Otherwise, it would take effect September 1, 2013.