Arkansas legislation · 95th General Assembly (2025 Regular)
Arkansas SB47: TO AMEND THE UNIFORM COMMERCIAL CODE; TO DEFINE "CENTRAL BANK DIGITAL CURRENCY" UNDER THE UNIFORM COMMERCIAL CODE; TO MODIFY THE UNIFORM COMMERCIAL CODE DEFINITIONS; AND TO MODIFY THE ARKANSAS BANKING CODE OF 1997
Status: Failed, May 5, 2025
What the bill says
An act to be entitled an act to amend the uniform commercial code; to define "central bank digital currency" under the uniform commercial code; to modify the uniform commercial code definitions of "money" and "deposit account"; to modify the definitions of "deposit" and "deposit account" under the arkansas banking code of 1997; and for other purposes. subtitle to amend the uniform commercial code; to define "central bank digital currency" under the uniform commercial code; to modify the uniform commercial code definitions; and to modify the arkansas banking code of 1997.
From the introduced text:
An Act To Be Entitled AN ACT TO AMEND THE UNIFORM COMMERCIAL CODE; TO DEFINE "CENTRAL BANK DIGITAL CURRENCY" UNDER THE UNIFORM COMMERCIAL CODE; TO MODIFY THE UNIFORM COMMERCIAL CODE DEFINITIONS OF "MONEY" AND "DEPOSIT ACCOUNT"; TO MODIFY THE DEFINITIONS OF "DEPOSIT" AND "DEPOSIT ACCOUNT" UNDER THE ARKANSAS BANKING CODE OF 1997; AND FOR OTHER PURPOSES. Subtitle TO AMEND THE UNIFORM COMMERCIAL CODE; TO DEFINE "CENTRAL BANK DIGITAL CURRENCY" UNDER THE UNIFORM COMMERCIAL CODE; TO MODIFY THE UNIFORM COMMERCIAL CODE DEFINITIONS; AND TO MODIFY THE ARKANSAS BANKING CODE OF 1997. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: SECTION 1. Arkansas Code § 4-1-201(b)(24), concerning the Uniform Commercial Code definition of "money", is amended to read as follows: (24) "Money" means a medium of exchange that is currently authorized or adopted by a domestic or foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two (2) or more countries. "Money" does not include a central bank digital currency. SECTION 2. Arkansas Code § 4-1-201(b), concerning the general *ANS102* 01-27-2025 10:27:17 ANS102 As Engrossed: S1/27/25 SB47 definitions used in the Uniform Commercial Code, is amended to add an additional subdivision to read as follows: (44) "Central bank digital currency" means a digital currency, a digital medium of …