On Apr. 18, ARK LEG enacted bill expanding allowable payment forms.
ARK LEG enacted HB 1918 on expanding allowable forms of specie, legal tender.
Amends ARK LEG 4-56-106 (definitions re legal tender), adds, modifies definitions.
Bill Provisions
Adds definitions for bullion, bullion depository, precious metals-backed electronic payment system, transactional gold and silver, revises specie, legal tender.
Includes precious metals-backed electronic payment system as legal tender.
Allows for payment of private debts, taxes, and fees levied by the state or local government with physical gold or silver if the state or local government agrees.
Conversion of bullion into a dollar equivalent is based on terms agreed by the parties.
Legislative History
On Mar. 31, 2025, bill introduced in House; on Apr. 8, 2025, bill was passed in House.
On Apr. 8, 2025, bill introduced in Senate; on Apr. 14, 2025, bill was passed in Senate.
On Apr. 17, 2025, bill approved by governor, HB 1918 was assigned Act 809.
Effectiveness
Act effective 91 days after legislature adjourned sine die (May 5), so Aug. 4, 2025.
Regulators
ARK LEG
Entity Types
Bank; CNSM; Corp
Reference
Act 809, Bill HB1918, PR, 4/18/2025; Citation: ARK LEG 4-56-106;
