This bill proposes to amend current statutes by adding a new chapter on legal tender to the Arizona Revised Statutes, which includes definitions and provisions regarding legal tender and specie. The bill defines "legal tender" as an authorized medium of exchange for debts, taxes, and public charges, and introduces the term "specie" to refer to coin or refined bullion with gold or silver content. It establishes that legal tender in Arizona includes U.S. authorized currency, certain types of specie coins, and refined bullion meeting specific purity standards. Additionally, it emphasizes that no person can be compelled to accept specie as legal tender unless specified by contract, while also promoting voluntary adoption through education.

Furthermore, the bill outlines tax exemptions related to legal tender transactions, stating that the purchase, sale, or exchange of legal tender does not incur state tax liabilities. It mandates that any taxes due from transactions involving specie must be paid in the same form of legal tender or its equivalent. The bill also assigns enforcement responsibilities to the attorney general and requires the state treasurer to implement rules for the chapter, including guidelines for specie issuance and public education on sound money principles. Several existing definitions of "legal tender" and "specie" in current law will be replaced with references to a specific section, ensuring consistency across statutes.

Statutes affected:
Introduced Version: 6-851, 9-1443, 11-1943, 43-1021, 43-1022, 43-1121, 43-1122, 6-852, 1-901, 9-1442, 11-1942, 43-1333, 99-514, 43-1084, 43-1081.01, 43-1074.02, 43-1029, 15-1871, 43-1024, 101-336, 43-1014, 43-1082, 43-1023, 15-1628, 15-1451, 43-1025, 43-1027, 111-5, 111-92, 41-1518, 43-1042, 20-1691, 43-1028, 6-101, 43-961, 43-1129, 43-1130, 43-1201, 43-947, 43-1170, 43-1130.01, 43-1175, 43-1178, 43-1183, 43-1184, 43-1124, 43-1181, 43-1165