32-8-403. Account requirements -- provisions. (1) An agreement between the depository and a customer to establish a precious metals account must include the following provisions:
     (a) a term of maturity that is not less than 36 months;
     (b) a penalty for early withdrawal of an amount of precious metals that exceeds 20% of the monetary value of the total amount of precious metals in the account, with the monetary value to be equivalent to the spot market price of the precious metal listed in The Wall Street Journal on the date of the withdrawal;
     (c) a requirement that the precious metals purchased by a customer be delivered to the depository within 7 days of verified payment of any part of the purchase price.
     (2) A precious metals account may provide for limited withdrawal from the account by means of a debit card or an automated teller machine card as long as the total amount withdrawn from the account prior to the maturity date established in subsection (1)(a) does not exceed 20% of the total monetary value of the precious metals in the account.
     (3) A depository may charge a customer interest and a fee in relation to a cash withdrawal made in accordance with subsection (2).

     History: En. Sec. 27, Ch. 382, L. 1997; amd. Sec. 69, Ch. 51, L. 1999.