1 STATE OF OKLAHOMA
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2 2nd Session of the 59th Legislature (2024)
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3 HOUSE BILL 3027 By: Maynard
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6 AS INTRODUCED
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7 An Act relating to legal tender; amending 62 O.S.
7 2021, Section 4500, which relates to gold and silver
8 coins as legal tender; modifying language; providing
8 definitions; providing an explanation of specie or
9 legal tender; clarifying characterization of specie
9 or legal tender for tax and regulation purposes;
10 directing that certain exchanges shall not result in
10 tax liability; directing that purchase, sale, or
11 exchange of specie shall not result in tax liability;
11 stipulating specie cannot be compelled as tender
12 unless under law or contract; directing Attorney
12 General's office to enforce; directing Oklahoma
13 courts on adjudication in certain cases; permitting
13 specie to be recognized to pay debts; and providing
14 an effective date.
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17 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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18 SECTION 1. AMENDATORY 62 O.S. 2021, Section 4500, is
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19 amended to read as follows:
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20 Gold and silver coins issued by the United States government are
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21 legal tender in the State of Oklahoma. No person may compel another
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22 person to tender or accept gold or silver coins that are issued by
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23 the United States government except as agreed upon by contract.
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24 A. As used in this act:
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 1 1. "Legal tender" means a recognized medium of exchange for the
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2 payment of debts and taxes; and
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3 2. "Specie" means:
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4 a. coin having gold or silver content, or
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5 b. refined gold or silver bullion that is:
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6 (1) coined, stamped, or imprinted with its weight,
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7 and
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8 (2) valued primarily based on its metal content and
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9 not its form.
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10 B. Specie or legal tender shall consist of:
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11 1. Specie coin issued by the United States Government; or
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12 2. Other specie that an Oklahoma court rules to be within state
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13 authority to make or designate as legal tender.
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14 C. Specie or legal tender shall not be characterized as
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15 personal property for taxation or regulatory purposes.
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16 D. 1. The exchange of one (1) type or form of legal tender for
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17 another type or form of legal tender shall not give rise to any tax
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18 liability.
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19 2. The purchase, sale, or exchange of any type or form of
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20 specie shall not give rise to any tax liability.
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21 E. Unless specifically provided by law or by contract, a person
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22 shall not compel another person to tender specie or to accept specie
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23 as legal tender.
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 1 F. The Attorney General's office shall enforce this act without
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2 prejudice to a private right of action.
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3 G. If a valid contract expressly designates a type or form of
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4 specie as tender, then an Oklahoma court asked to adjudicate the
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5 breach of such a contract shall require, as a remedy for the breach,
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6 the specific performance of tendering the type or form of specie
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7 specified in the contract.
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8 H. Specie may be recognized to pay debts.
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9 SECTION 2. This act shall become effective November 1, 2024.
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11 59-2-9363 MJ 12/13/23
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