(1) A custodian of gold coin or silver coin as defined in s. 560.103 which holds public deposits must do all of the following:
(a) Meet the definition of a qualified public depository as defined in s. 280.02, except that such custodian is not required to be insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund for purposes of holding gold coin or silver coin as defined in s. 215.986. Such custodian must maintain insurance as prescribed in s. 560.214.
(b) Comply with all other applicable qualified public depository requirements and be subject to the provisions of this chapter.
(2) The Chief Financial Officer shall adopt rules to implement this section.
“(1) The Chief Financial Officer shall adopt rules to implement s. 280.21, Florida Statutes, as created by this act. The Financial Services Commission shall adopt rules to implement any provisions in chapter 560, Florida Statutes, or chapter 655, Florida Statutes, as created or amended by this act, including, but not limited to, ss. 560.155, 560.214, and 655.97, Florida Statutes. Such rules must be adopted by November 1, 2025, and submitted to the President of the Senate and Speaker of the House of Representatives on or before November 1, 2025, in the report specified in section 16. Such rules may not take effect until they are ratified by the Legislature. The Chief Financial Officer and the Financial Services Commission shall notify the Division of Law Revision upon legislative ratification of such rules.
“(2) This section is effective upon becoming a law solely for the purpose of adopting the rules required under this section, but such rules may not be implemented until such rules are ratified by the Legislature and until such time that the provisions for which the rules are adopted become law.”
