Establishes the Specie Legal Tender Act, recognizing gold and silver coins or bullion as legal tender in Michigan.
The Specie Legal Tender Act establishes that gold and silver coins or bullion are legal tender in Michigan, provided a court or U.S. law recognizes them as such. It prohibits discrimination against specie legal tender in transactions and bans governmental entities from seizing it without authorization. Specie legal tender includes U.S.-issued gold or silver coins and other gold or silver coins or bullion recognized by a court or U.S. law. Central bank digital currency is excluded from this definition.
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