The bill amends Arkansas law regarding specie or legal tender, introducing new definitions and provisions related to the use of precious metals. It defines "bullion" as refined precious gold or silver valued primarily for its metal content and establishes a "bullion depository" as an accredited entity for storing such metals. The bill also introduces a "precious metals-backed electronic payment system," which allows electronic transactions backed by bullion held in a depository. This system enables account holders to redeem bullion and make payments to participating vendors, with oversight from the Chief Fiscal Officer of the State.

Additionally, the bill clarifies that specie or legal tender can be recognized for paying private debts, taxes, and fees if agreed upon by the state or local government. It removes previous language that characterized specie as personal property for taxation and regulatory purposes and ensures that exchanges between different forms of legal tender do not incur tax liabilities. The Chief Fiscal Officer is tasked with creating rules to implement these changes, including vendor payment options and fraud prevention measures.