Summary of the Introduced Version of the Bill

HB 1637 -- Missouri Sound Money Act of 2012

Sponsor: Curtman

This bill establishes the Missouri Sound Money Act of 2012 which

changes the laws regarding legal tender. In its main provisions,

the bill:

(1) Specifies that gold and silver issued by the federal

government is legal tender in Missouri; however, no person can

compel any other person to tender or accept gold and silver

coins, except for contractual obligations;

(2) Exempts the exchange of gold and silver coins issued by the

federal government for another form of legal tender from state

and local sales and use taxes and state individual and corporate

income taxes, excluding withholding tax imposed by Sections

143.191 to 143.265, RSMo;

(3) Prohibits these provisions from being used to impair

contractual obligations and, except in the case of governmentally

assessed taxes, fees, duties, imposts, dues, penalties, or

sanctions, the government may not compel payment in any

particular form of legal tender inconsistent with the express

written or verbal agreement of transacting parties, thereby

frustrating the parties' manifest intent and impairing their

contractual obligations;

(4) Prohibits the composition of a person’s monetary holdings,

including those on deposit with any nonbank depository, from

being disclosed, searched, or seized except upon strict adherence

to due process safeguards;

(5) Specifies that when the federal government requires

surrender of gold or silver, the nonbank depository must return

the gold and silver deposits to their owners who will then

surrender the gold and silver to the federal government. The

depository is not permitted to act without written authority from

the owners of the gold and silver; and

(6) Requires the method of determining the value of gold and

silver to be based on the London PM fix for that day’s

transaction.

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