"Contractor" means the same as that term is defined in Section 63G-6a-103.
(b)
"Participating contractor" means a contractor that chooses to receive payment from the state through a precious metals-backed electronic payment system.
(c)
"Precious metals-backed electronic payment system" means an electronic payment system that:
(i)
uses physical gold or silver held in vault facilities within the state as backing for electronic transactions;
(ii)
enables a system participant to redeem physical gold or silver; and
(iii)
enables the state to make payments to a participating contractor.
(d)
(i)
"System participant" means a person who:
(A)
maintains an account within a precious metals-backed electronic payment system;
(B)
conducts one or more transactions using a precious metals-backed electronic payment system; or
(C)
holds redemption rights for physical gold or silver within a precious metals-backed electronic payment system.
(ii)
"System participant" includes a participating contractor.
(2)
The state treasurer shall:
(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;
(b)
ensure that the precious metals-backed electronic payment system complies with all applicable provisions of Title 51, Chapter 7, State Money Management Act;
(c)
consult with the State Tax Commission on potential tax implications of the precious metals-backed electronic payment system;
(d)
evaluate the options and implications for allowing state employees to receive compensation through the precious metals-backed electronic payment system; and
(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.
(3)
The Division of Finance shall:
(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;
(b)
evaluate the options for and implications of integration of the precious metals-backed electronic payment system into the statewide accounting system; and
(c)
evaluate the options and implications of allowing state employees to receive compensation through the precious metals-backed electronic payment system.
(4)
To select a contractor described in Subsection (2)(a), the state treasurer shall:
(a)
issue a request for proposals in accordance with Title 63G, Chapter 6a, Part 7, Request for Proposals;
(b)
include security, efficiency, and cost-effectiveness in the request for proposal's evaluation criteria; and
(c)
ensure that the final contract requires that the precious metals-backed electronic payment system:
(i)
is publicly available; and
(ii)
complies with all applicable state and federal laws and regulations.
(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.
(6)
Nothing in this section:
(a)
requires a contractor to participate in the precious metals-backed electronic payment system;
(b)
requires a state entity to participate in the precious metals-backed electronic payment system; or
(c)
prevents the state from using other forms of payment or currency for the state's operations.
Section 67-4-20 ("Precious metals-backed electronic payment system.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Utah § 67-4-20?
A common citation format is "Utah Code § 67-4-20" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 67-4-20 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
