The bill amends Arkansas law regarding specie or legal tender by introducing definitions and provisions related to bullion, bullion depositories, and a precious metals-backed electronic payment system. Key definitions include "bullion," which refers to refined precious metals valued primarily for their metal content, and "bullion depository," which is an accredited entity for storing bullion. The bill also establishes a framework for a "precious metals-backed electronic payment system" that allows electronic transactions backed by bullion held in a depository, enabling account holders to buy, sell, save, or spend bullion as currency.

Additionally, the bill clarifies that specie or legal tender can be recognized for the payment of private debts, taxes, and fees if agreed upon by the state or local government. It outlines the responsibilities of the Chief Fiscal Officer of the State to implement rules governing these systems, including vendor payment options and fraud prevention measures. The bill also ensures that the exchange of legal tender does not incur tax liabilities and that specie is not classified as personal property for taxation purposes.