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HOUSE OF REPRESENTATIVES - FLOOR VERSION
STATE OF OKLAHOMA
1st Session of the 60th Legislature (2025)
HOUSE BILL 1199 By: Maynard, Lawson, and Hays
of the House
and
Bullard of the Senate
AS INTRODUCED
An Act relating to legal tende r; amending 62 O.S.
2021, Section 4500, which relates to Federal gold and
silver coins as Oklahoma legal tender; modifying
language; defining terms; providing explanation of
specie or legal tender; clarifying characterization
of specie or legal tender for tax and regulation
purposes; directing that certain exchanges shall not
result in tax liability; directing that purchase,
sale, or exchange of specie shall not result in tax
liability; stipulating spe cie cannot be compelled as
tender unless under law or co ntract; directing
Attorney General's office to enforce; directing
Oklahoma courts on adjudication in certain cases;
permitting specie to be recognized to pay debts; and
providing an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STAT E OF OKLAHOMA:
SECTION 1. AMENDATORY 62 O.S. 2021, Section 4500, is
amended to read as follows:
Section 4500. Gold and silver coins issued by the United States
government are legal tender in the State of Oklahoma. No person may
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compel another person to tender or accept gold or silver coins that
are issued by the United States government, except as agreed upon by
contract.
A. As used in this act:
1. "Legal tender" means a recognized medium of exchange for the
payment of debts and taxes; and
2. "Specie" means:
a. coin having gold or silver content, or
b. refined gold or silver bullion that is:
(1) coined, stamped, or imprinted with its weight,
and
(2) valued primarily based on its metal content and
not its form.
B. Specie or legal tender shall consist of:
1. Specie coin issued by the United States government; or
2. Other specie that an Oklahoma court rules to be within state
authority to make or designate as legal tender.
C. Specie or legal tender shall not be characterized as
personal property for taxation or regulatory purposes.
D. 1. The exchange of one type or form of legal tender for
another type or form of legal tender shall not give rise to any tax
liability.
2. The purchase, sale, or exchange of any type or form of
specie shall not give rise to any tax liability.
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E. Unless specifically provided by law or by contract, a person
shall not compel another person to tender specie or to accept specie
as legal tender.
F. The Office of the Attorney General shall enforce this act
without prejudice to a private right of action.
G. If a valid contract expressly designates a type or form of
specie as tender, then an Oklahoma court asked to adjudicate the
breach of such a contract shall require, as a remedy for the breach,
the specific performance of tendering the type or form of specie
specified in the contract.
H. Specie may be recognized to pay debts.
SECTION 2. This act shall become effective November 1, 2025.
COMMITTEE REPORT BY: COMMITTEE ON GOVERNMENT OVE RSIGHT, dated
02/25/2025 - DO PASS, As Coauthored.