Bill > HB1199

This bill amends Oklahoma law to provide a comprehensive framework for the use of gold and silver as legal tender in the state. The bill defines "legal tender" as a recognized medium of exchange for payment of debts and taxes, and "specie" as coins or bullion with gold or silver content that is valued primarily for its metal content. It specifies that legal tender can include United States government-issued specie coins or other specie that an Oklahoma court determines to be legal tender. The bill ensures that exchanges of legal tender or purchases and sales of specie will not trigger tax liability, and that no person can be compelled to use or accept specie as payment unless specifically agreed to by contract or required by law. The legislation directs the Oklahoma Attorney General to enforce these provisions and instructs Oklahoma courts to recognize specie as a potential means of payment for debts. If a contract explicitly designates a specific type of specie as tender, courts may require specific performance of that tender as a remedy for breach of contract. The bill will become effective on November 1, 2025, providing a clear regulatory approach to the use of gold and silver as alternative forms of currency within the state.

Budget and Finance, Business and Industry, Government Affairs, Labor and Employment

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1199&Session=2600