WeVote
Log In

Bill

Bill

SB 413

Creating Transactional Gold and Silver Act

2026 Regular Session Introduced by Patricia Rucker and 1 co-sponsor

Creates a state regulatory framework for authorized transactional handling of physical gold and silver, with licensing, disclosures, recordkeeping, and consumer protections.

To Finance
#financeandadministration
0
WeVote Research Nonpartisan
Bill Summary · SB 413

Overview

SB 413, introduced in the 2026 West Virginia legislative session, proposes the creation of a framework for the transactional handling of gold and silver within the state, titled the Creating Transactional Gold and Silver Act. The bill aims to establish standards, regulatory provisions, and consumer protections related to the buying, selling, storing, and transferring of precious metals in transactional form.

Purpose and Intent

  • Create a formal, state-level regulatory pathway for the authorized transaction of physical gold and silver.
  • Provide a clear definition of permissible activities, licensing, and compliance obligations for businesses engaged in gold and silver transactions.
  • Protect consumers by outlining disclosure requirements, recordkeeping, and anti-fraud measures specific to precious metal transactions.

Key Provisions and Changes

  • Regulatory Framework
    • Establishes the scope of activities considered “transactional” for gold and silver (e.g., purchase, sale, trade, storage, and transfer of physical precious metals).
    • Sets licensing or registration requirements for businesses facilitating these transactions (details such as eligibility, background checks, or surety may be specified).
  • Consumer Protections and Disclosures
    • Requires transparent disclosures related to pricing, purity, weight, assayed content, and any fees or commissions.
    • Mandates adherence to standard measurement practices and documentation to ensure traceability of metal quality.
  • Recordkeeping and Compliance
    • Imposes recordkeeping obligations (transactions, customer identification, quantities, prices, dates) to support oversight and potential investigations.
    • Establishes compliance benchmarks and potential audits or regulatory reviews by designated state authorities.
  • Financial and Tax Considerations
    • May address reporting requirements for large transactions and potential tax implications or revenue implications for the state.
    • Could specify interaction with existing financial regulations and consumer protection statutes.
  • Enforcement and Penalties
    • Outlines enforcement mechanisms, penalties for violations, and potential pathways for license revocation or disciplinary actions.
  • Definitions
    • Provides precise definitions for key terms (e.g., “gold,” “silver,” “transactional,” “assay,” “purity,” and “storage”) to avoid ambiguity.

Who Would Be Affected

  • Precious metals dealers, brokers, pawnshops, and storage facilities operating in West Virginia.
  • Financial professionals and institutions that facilitate or participate in transactional gold and silver activities.
  • Consumers and investors engaging in buying, selling, trading, or storing physical gold and silver within the state.
  • State regulators and law enforcement agencies responsible for licensing, oversight, and enforcement.

Procedural and Timeline Aspects

  • Filing and Referral:
    • Filed January 15, 2026.
    • Referred to Banking and Insurance committee, then Finance in the legislative process.
  • Committee Consideration:
    • On February 5, 2026, a committee substitute was reported and sent to the Finance committee for consideration, indicating potential amendments or refinements.
  • Next Steps:
    • The bill would need approval in the relevant Senate committees and chamber, followed by transmission to the House (and potential conference, if differences arise), and final enactment by the legislature.
  • Effective Date:
    • The act’s effective date and any applicable phase-in periods would be specified in the bill text (not provided here).

Notes

  • The summary reflects the bill’s stated focus on transactional handling of gold and silver and does not convey any political positions or anticipated legislative outcomes.
  • Specific provisions, definitional details, licensing thresholds, and penalty scales would be present in the full bill text; the above captures the core components and potential impact based on the available information.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.