Committee approves bill reaffirming dollars, silver and gold as legal tender
April 04, 2023 | INSURANCE & COMMERCE - SENATE, Senate, Committees, Legislative, Arkansas
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The Senate Insurance & Commerce committee voted Tuesday to pass House Bill 17-18, a measure that restates that the dollar, silver and gold are legal tender in Arkansas.
Representative Robin Lundstrom, who introduced the bill, said the measure is a reaction to interest in digital currencies by some and is intended to reaffirm the status of traditional currency. "This is just reaffirming that silver and gold and the dollar is legal tender in the state of Arkansas," Lundstrom said.
Committee members raised questions about phrasing in the draft, pointing to an archaic term in line 28 that staff and witnesses said refers to money in coin. Witnesses and members suggested that code revision staff update the wording to modern terminology for clarity.
No one signed up to oppose the bill. The committee adopted a motion to pass the measure (mover: Senator Penzo; seconder: Senator Hickey) and approved HB 17-18 by voice vote.
The bill will proceed to further legislative consideration; sponsors asked code revision to modernize archaic language before later stages.
Representative Robin Lundstrom, who introduced the bill, said the measure is a reaction to interest in digital currencies by some and is intended to reaffirm the status of traditional currency. "This is just reaffirming that silver and gold and the dollar is legal tender in the state of Arkansas," Lundstrom said.
Committee members raised questions about phrasing in the draft, pointing to an archaic term in line 28 that staff and witnesses said refers to money in coin. Witnesses and members suggested that code revision staff update the wording to modern terminology for clarity.
No one signed up to oppose the bill. The committee adopted a motion to pass the measure (mover: Senator Penzo; seconder: Senator Hickey) and approved HB 17-18 by voice vote.
The bill will proceed to further legislative consideration; sponsors asked code revision to modernize archaic language before later stages.
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