The proposed bill, known as the "specie legal tender act," aims to establish and define the use of specie legal tender within the state of Michigan. It specifies that specie legal tender includes gold or silver coins issued by the United States, as well as other gold or silver coins or bullion recognized as legal tender through a court judgment or U.S. law. The bill explicitly states that a central bank digital currency does not qualify as legal tender in the state. Furthermore, it grants individuals the right to keep and use specie legal tender while prohibiting the compulsion to accept it unless specified by contract.

Additionally, the bill outlines restrictions on governmental entities regarding the handling of specie legal tender. It prohibits these entities from seizing privately owned specie legal tender, enforcing laws that infringe on the right to use it, or imposing restrictions on its acquisition and use. The bill also prevents the enactment or enforcement of laws that discriminate between different forms of legal tender during transactions. Overall, the legislation seeks to protect the rights of individuals to utilize specie legal tender while ensuring that government actions do not interfere with these rights.