A House committee on March 1 voted to report House Bill 1197 out “do pass,” advancing legislation that would allow Oklahoma to operate a transactional gold depository and offer account-holders a debit-style card to spend gold held in custody.

Representative Cody Maynard, the bill sponsor, told the committee the measure would let citizens store bullion with the state or purchase bullion through the depository and ‘‘issue you a debit card where you could spend it in that manner if you chose to do so.’’ He said the treasurer could contract with an existing vault provider rather than build a new facility.

The bill drew sustained questioning about costs and operations. Leader Munson and Representative Bennett asked whether the bill’s $80,000 recurring fiscal estimate would pay for a treasurer’s office staff member; Maynard said the amount is intended to fund one staff position in the treasurer’s office to implement and manage the program. Maynard said the depository’s storage and custody fees would depend on whether the treasurer contracts with a third-party vault and that ‘‘it could cost us nothing’’ if fees charged to users cover operating costs.

Lawmakers also pressed how transfers and consumer fees would work. Maynard said merchants would receive U.S. dollars when a card is used because the system ‘‘exchanges it to US dollars at the moment that you swipe it,’’ but acknowledged network fees from card vendors such as Visa or Mastercard would be ‘‘business costs’’ typically borne by merchants. Representative Fugate asked whether shipping and insurance costs would apply when an account-holder withdrew physical bullion; Maynard and other presenters said vendor fee schedules would govern those costs and the treasurer could set disclosures.

Committee members discussed state policy and legal consequences. A question about constitutional authority led Maynard to cite Article I, Section 10 of the U.S. Constitution and argue states have historical authority related to gold and silver; he also said some operational details would be left to the treasurer. Representative Gait asked how deposits and withdrawals would function; Maynard referenced the Texas bullion depository as a working example.

The committee approved the bill by voice and reported it out by a 13-3 vote. The bill summary and committee discussion show the legislature expects start-up staffing needs and left implementation choices (state-run vault versus contract) to the treasurer.