House Engrossed

State of Arizona House of Representatives Fifty-second Legislature First Regular Session 2015

HOUSE BILL 2173

 

AN ACT

 

amending title 1, Arizona Revised Statutes, by adding chapter 7; relating to legal tender.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

Be it enacted by the Legislature of the State of Arizona:

Section 1.  Title 1, Arizona Revised Statutes, is amended by adding chapter 7, to read:

CHAPTER 7

LEGAL TENDER

ARTICLE 1.  GENERAL PROVISIONS

START_STATUTE1-701.  Definitions

In the statutes and laws of this state, unless the context otherwise requires:

1.  "Legal tender" means an authorized medium of exchange for the payment of debts and taxes.

2.  "Specie" means coin or bullion having gold or silver content. END_STATUTE

START_STATUTE1-702.  Legal tender recognition; use of specie

A.  Legal tender in this state consists of all of the following:

1.  Legal tender authorized by Congress.

2.  Specie coin issued at any time by the United States government, except a numismatic coin with a fair market value that is at least fifteen percent greater than the value of the metal it contains.

3.  Any other specie that a court of competent jurisdiction rules by a final, unappealable order to be within the scope of state authority to make a legal tender.

B.  Except as expressly provided by contract, a person may not compel any other person to tender or accept specie legal tender. END_STATUTE

START_STATUTE1-703.  Legal tender exchanges; payment of taxes

A.  Notwithstanding any other law, the exchange of one form of legal tender for another does not give rise to liability for any type of tax.

B.  Legal tender is money and is not subject to taxation or regulation as property other than money.

C.  Any tax or other public charge due as a result of a transaction involving specie legal tender shall be paid in the same specie legal tender or in an equivalent amount of non-specie legal tender valued pursuant to the most recent daily exchange rate actively used in commerce by an independent precious metal association for the date the transaction occurred.END_STATUTE

START_STATUTE1-704.  Enforcement

The attorney general shall enforce this chapter and, if necessary, intervene in any legal action to preserve and protect this state's monetary authority that is expressly reserved in article I, section 10 of the constitution of the United States. END_STATUTE

Sec. 2.  Effective date

This act is effective from and after ninety days after the fifty-second legislature, second regular session adjourns sine die.