131st MAINE LEGISLATURE
		LD 1635		LR 1740(02)
	An Act to Charter a Maine State Bank That Accepts Deposits and Issues Gold Currency Celebrating Maine's Heritage
	Fiscal Note for Bill as Amended by Committee Amendment " "
	Committee: Health Coverage, Insurance and Financial Services
	Fiscal Note Required: Yes
Fiscal Note
			FY 2023-24	FY 2024-25	Projections  FY 2025-26	Projections  FY 2026-27
Net Cost (Savings)
	General Fund		$1,000,000	$0	$0	$0
Appropriations/Allocations
	General Fund		$1,000,000	$0	$0	$0
Fiscal Detail and Notes
	This bill creates the Maine State Bank as an instrumentality of the State. The bank is established to accept deposits in all lawful forms of currency, process exchanges between currencies, issue gold coinage and bullion minted by the State and issue blockchain-based cryptocurrency in tokens. The bank is required to assess fees on transactions and storage to fund the ongoing costs of operation. The bill includes a one-time General Fund appropriation of $1,000,000 in fiscal year 2023-24 for the implementation and initial operation of the bank, including expenses of the Board of Directors, until fee revenue is generated. To the extent that fee revenue collected by the bank is insufficient to cover operating expenses, additional General Fund appropriations may be required to sustain operations.
	Additional costs to the Office of State Treasurer and the Department of Administrative and Financial Services associated with serving as ex-officio members of the Maine State Bank Board of Directors can be absorbed within existing budgeted resources.