Maryland HB1312 establishes specie, such as gold or silver coins and bars, as legal tender for private debts and state obligations.

Maryland HB1312 amends the state's financial institutions law to recognize specie, including gold or silver coins and bars, as legal tender. This bill allows individuals to use specie for private debts if both parties agree and for taxes, fees, and other obligations owed to the state or political subdivisions if they accept it. Specie cannot be required as payment. The Commissioner must report on the economic impact of this change starting in 2027.

Maryland HB1312 establishes specie, such as gold or silver coins and bars, as legal tender for private debts and state obligations.

Maryland HB1312 amends the state's financial institutions law to recognize specie, including gold or silver coins and bars, as legal tender. This bill allows individuals to use specie for private debts if both parties agree and for taxes, fees, and other obligations owed to the state or political subdivisions if they accept it. Specie cannot be required as payment. The Commissioner must report on the economic impact of this change starting in 2027.