The bill amends Louisiana's legal framework regarding gold and silver as legal tender by updating the definition of what constitutes legal tender in the state. Specifically, it replaces the term "issued" with "recognized" in reference to gold and silver coins, specie, or bullion, and expands the definition to include "any gold-backed debit instrument that can convert gold in a depository to fiat currency." This change aims to enhance the acceptance of gold-backed financial instruments alongside traditional forms of currency.

By making these amendments, the bill seeks to provide greater flexibility and options for transactions within Louisiana, allowing for the use of gold-backed debit instruments as a legitimate form of payment. This aligns with a growing trend of integrating precious metals into modern financial systems, potentially offering residents more choices in how they conduct their financial affairs.

Statutes affected:
HB695 Original: 6:341(A)
HB695 Engrossed: 6:341(A)
HB695 Enrolled: 6:341(A)
HB695 Act 304: 6:341(A)