69U-100.097. Gold Coin or Silver Coin Deposits

Any financial institution that accepts gold coin or silver coin deposits or otherwise holds such coin on behalf of its customers, members, or the public pursuant to s. 655.97(4), F.S., must: (1) Notify the office in writing at least 30 days in advance of its intent to engage in the practice of accepting gold coin or silver coin deposits or otherwise holding such coin on behalf of its customers, members, or the public. Said notice shall include: (a) The anticipated date of commencement of the practice along with the addresses of all branch or physical locations. (b) The name and title of the institution officer(s) responsible for overseeing the practice. (c) The institution’s plan for, and documentation evidencing, compliance with all subsections of s. 560.214, F.S., as required by s. 655.97(4)(d), F.S. (d) The institution’s plan for, and documentation evidencing, compliance with all subsections of s. 655.97(4), F.S., including the establishment of separate accounts, the procurement and maintenance of insurance, the security of coin storage, customer transparency procedures, and chain of custody procedures and requirements. (e) The names and addresses of all third-party vendors or agents associated with the practice, including but not limited to insurers, accredited refiners or wholesalers, and custodians of gold coin and silver coin. (f) The institution’s oversight plan for any custodian of gold and silver coin or any third-party vendor that stores gold coin or silver coin on behalf of the financial institution. (2) Ensure that any gold coin or silver coin purchased for use or circulation as legal tender is provided by an accredited refiner or wholesaler which certifies that the gold coin or silver coin being purchased meets the requirements of gold coin and silver coin pursuant to sections 655.97(1)(c), 215.986(1)(b), 655.97(1)(e), and 215.986(1)(f), Florida Statutes. (a) “Accredited refiner or wholesaler” of gold coin or silver coin means a person who has received accreditation by the London Bullion Market Association. (b) Financial Institutions must monitor the accreditation status of any refiner or wholesaler it utilizes and maintain records and evidence of the accreditation as well as any changes to accreditation status. (3) Make disclosures to a customer or potential customer at the inception of the relationship for providing products or services relating to gold coin or silver coin before a customer initially purchases or uses a product or service. (a) Financial Institutions are required to utilize disclosure form OFR-U-97, Disclosures to Customers Gold Coin and Silver Coin, (07/2026) which is incorporated by reference herein and which is available at http://flrules.org/Gateway/reference.asp?No=Ref-18695. (b) The disclosure form may be presented to a customer or potential customer in electronic or paper form but, in any event, must be presented in a clearly legible and prominently displayed format. (c) A customer must sign and date the disclosure and the financial institution must make available or provide a copy of the disclosure form to the customer or potential customer. (d) Financial institutions must maintain all executed disclosure forms. (e) In addition to the maintenance of executed disclosure forms, financial institutions must provide customers or potential customers, upon request, any items of information or document referenced in the disclosure form referenced above, OFR-U-97, Disclosures to Customers Gold Coin and Silver Coin, (07/2026). (4) Comply with chain of custody requirements pursuant to s. 655.97(4)(h), F.S., as follows: (a) As used in this section, “chain of custody” means the sequential, cumulative, and contemporaneously made documentation and record maintenance of the acquisition, custody, exchange, control, transfer, purchase, sale, ownership, location, movement, and disposition of all gold coin and silver coin. (b) For each item of gold coin or silver coin, a financial institution must make and maintain a chain of custody. (c) For each item of gold coin or silver coin, a financial institution must include in the chain of custody: 1. Information of gold coin and silver coin owners, including: a. Name of owner. b. Address of owner. 2. Documentation of gold coin and silver coin details, including: a. Date of Purchase. b. Type of item (e.g., round, bar, etc.). c. Precious metal composition including weight and purity. d. Quantity purchased by each type. e. Purchase value and current valuation which is updated monthly including valuation date. f. Date of sale or return to the owner. g. Location of safekeeping. 3. Information of sellers of gold coin and silver coin, including: a. Name of seller. b. Address of seller. 4. Information of buyers of gold coin and silver coin, including: a. Name of buyer. b. Address of buyer. 5. Information of shippers and/or deliverers of gold coin and silver coin, including:, a. Name of individual or business shipping and/or delivering gold coin and silver coin. b. Address of shipper or deliverer. (d) Gold coin or silver coin returned to owners of gold coin and silver coin via shipping, must be shipped via Registered Mail through the United States Postal Service. (e) For each item of gold coin or silver coin that does not bear a permanently affixed or stamped serial number or identification number when acquired from an accredited refiner or wholesaler, a financial institution must assign and affix a unique identifier to the gold coin or silver coin for purposes of chain of custody. (f) Each item of gold coin or silver coin, as reflected by each chain of custody, must not be contemporaneously owned or pledged to more than one person or entity, excluding jointly held accounts and beneficiary designations. (5) Make reports and submissions to the office of the following items on an annual basis, by March 31st for all activity of the previous calendar year, or sooner as indicated below or as otherwise requested by the office: (a) Any changes or modification of the information required under section (1) above, reported immediately upon occurrence. (b) Any changes or modification of the accreditation of any refiners or wholesalers, reported immediately upon occurrence. (c) Any changes, modifications, cancellations or claims regarding of the insurance policy or carrier required by s. 560.214, F.S., or s. 655.97(4), F.S., reported immediately upon occurrence. (d) Any theft, destruction, or other loss of any gold coin or silver coin, reported immediately upon occurrence. (e) Documentation evidencing compliance with s. 560.214(1), F.S., as required by s. 655.97(4)(d), F.S., if applicable. (f) Documentation evidencing compliance with s. 560.214(2), F.S., as required by s. 655.97(4)(d), F.S., if applicable. (g) Documentation evidencing compliance with s. 655.97(4), F.S., to the extent not duplicative of paragraph (5)(e) or (5)(f) above.