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.

Senate Bill 47 proposes changes to Arkansas's financial statutes by amending both the Uniform Commercial Code (UCC) and the Arkansas Banking Code of 1997. The bill introduces a definition for "Central Bank Digital Currency" (CBDC) within the UCC and modifies other UCC definitions related to "money" and "deposit account." A key provision clarifies that under the Arkansas Banking Code, "deposit" and "deposit account" will explicitly not include central bank digital currency or investment property. This legislation aims to update the legal framework for classifying certain digital assets and traditional bank accounts for financial institutions in Arkansas.