HB1918

House Bill 1918 amends Arkansas law regarding the definition and usage of specie and legal tender. The bill authorizes the use of bullion depositories to store precious metals and permits the establishment of precious metals-backed electronic payment systems. These systems would allow account holders to hold, buy, sell, and spend bullion as a form of currency for payments, including potential public debts or taxes if a government entity agrees to accept it. The bill mandates that the Chief Fiscal Officer of the State create rules for the administration of these systems, including security and fraud prevention measures. It also establishes that transactions involving specie or legal tender are exempt from taxation and specifies that no person can be compelled to use or accept specie as payment unless required by contract. Furthermore, the bill outlines that in the event of a breach of a contract designating specie as tender, courts must require specific performance as a remedy.