Legal Tender

Plain English Breakdown

The official source material is a preliminary draft and lacks detailed provisions about the changes to legal tender laws.

Legal Tender Act

This bill aims to update Florida's laws about what can be used as legal tender.

What This Bill Does

• The Legislature intends to revise laws relating to legal tender.
• It sets a date for when these changes would start, which is July 1, 2026.

Who It Names or Affects

• People and businesses in Florida who use money or other forms of payment

Terms To Know

legal tender

Money that must be accepted if offered to pay a debt, according to the law.

Limits and Unknowns

• The bill does not specify what exactly will change about legal tender laws.
• It only states an intention to revise these laws without providing details on how they will be revised.

Official Summary Text

Legal Tender; (PRELIMINARY DRAFT) providing legislative intent, etc.

Current Bill Text

Florida Senate
-
2026

(PROPOSED BILL) SPB 7042

FOR CONSIDERATION By
the Committee on Banking and Insurance

597-02588-26 20267042pb
1 A bill to be entitled
2 (PRELIMINARY DRAFT) An act relating to legal tender;
3 providing legislative intent; providing an effective
4 date.
5
6 Be It Enacted by the Legislature of the State of Florida:
7
8 Section 1.
The Legislature intends to revise laws relating

9
to legal tender.

10 Section 2. This act shall take effect July 1, 2026.