AB 129,
as amended, Dickinson. Lawfulbegin delete money: alternative currency.end deletebegin insert money.end insert
Existing law prohibits a corporation, flexible purpose corporation, association, or individual from issuing or putting in circulation, as money, anything but the lawful money of the United States.
This bill wouldbegin delete instead prohibit a person from issuing or putting in circulation, as money, anything but the lawful money of the United States. This bill would specify that provision does not prohibit a
person from issuing or using an alternative currency that is redeemable for lawful money
of the United States or that has value based on the value of lawful money
of the United States. This bill would also prohibit a person from being required to accept alternative currencyend deletebegin insert repeal that provisionend insert.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
begin insertSection 107 of the end insertbegin insertCorporations Codeend insertbegin insert is repealed.end insert
No corporation, flexible purpose corporation, association
3or individual shall issue or put in circulation, as money, anything
4but the lawful money of the United States.
Section 107 of the Corporations Code is amended
6to read:
A person shall not issue or put in circulation, as money,
8anything but the lawful money of the United States. Nothing in
9this section shall prohibit the issuance and use of alternative
10currency that is redeemable for lawful money of the United States
11or that has value based on the value of lawful money of the United
12States but a
person shall not be required to accept alternative
13currency.
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