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ENGROSSED HOUSE
BILL NO. 1199 By: Maynard, Lawson, Hays,
Adams, Woolley, Roberts,
Newton, and Hall of the
House
and
Bullard of the Senate
[ legal tender - federal gold and silver coins -
legal tender - explanation of specie or legal
tender - characterization - exchanges - tax
liability – Office of the Attorney General -
Oklahoma courts - adjudication – debts - effective
date ]
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 62 O.S. 202 1, 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
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.
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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 go vernment; 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.
E. Unless specifically pr ovided by law or by contract, a person
shall not compel another person to tender specie or to accept specie
as legal tender.
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F. The Office of the Attorney General shall enforce this act
without prejudice to a private right of action.
G. If a valid contra ct 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.
Passed the House of Representatives the 24th day of March, 2025.
Presiding Officer of the House
of Representatives
Passed the Senate the _____ day of __________, 2025.
Presiding Officer of the Senate