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Bill > HB1718
AR HB1718
AR HB1718To Create The Arkansas Legal Tender Act; And To Reaffirm Gold And Silver Coin As Legal Tender.
summary
Introduced
03/27/2023
03/27/2023
In Committee
04/04/2023
04/04/2023
Crossed Over
04/03/2023
04/03/2023
Passed
04/06/2023
04/06/2023
Dead
Signed/Enacted/Adopted
04/11/2023
04/11/2023
Introduced Session
94th General Assembly (2023 Regular)
Bill Summary
AN ACT TO CREATE THE ARKANSAS LEGAL TENDER ACT; TO REAFFIRM GOLD AND SILVER COIN AS LEGAL TENDER; AND FOR OTHER PURPOSES.
AI Summary
This bill creates the Arkansas Legal Tender Act, which reaffirms gold and silver coin as legal tender in the state. The key provisions are: 1) It defines "legal tender" as a recognized medium of exchange for payment of debts and taxes, and "specie" as coin or refined gold/silver bullion; 2) It states that specie or legal tender shall consist of specie coin issued by the U.S. government or other specie ruled to be legal tender by an Arkansas court; 3) It exempts exchanges of one form of legal tender for another, as well as the purchase, sale, or exchange of specie, from tax liability; and 4) It requires Arkansas courts to order specific performance of contracts that designate a type of specie as tender.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Notification that HB1718 is now Act 595 (on 04/11/2023)
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