Utah Legal Tender Act - HB 317
The Utah Legal Tender Act which was signed into law by Governor Gary Herbert on March 9, 2011 contains 4 major provisions:
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- Declaration of gold/silver coin legal tender status pursuant to the monetary authority expressly reserved to the states under article 1, section 10 of the U.S. Constitution;
- Voluntary exchange clause to acknowledge state and federal concurrent monetary powers and to ensure that state authorized legal tender will trade at market value;
- State tax exemption in recognition of the fundamental premise that any tax laid on money would effectively demonetize it; and
- Mandate for further study towards implementation of a full-featured complementary currency system.