AZ SB1497

Creates new Arizona law (Title 1, Chapter 9) defining "legal tender" to exclude federally recognized central bank digital currency (CBDC)

Prohibits CBDC from being used as legal tender or as the medium of payment in any contract, security, or similar instrument in Arizona, regardless of commercial transaction rules

Amends escrow account disbursement rules to prohibit settling or backing transfers with CBDC, while allowing distributed ledger technology transfers that maintain one-to-one backing to U.S. dollars

Updates tax code and commercial law definitions of "legal tender" across multiple sections (sections 43-1021, 43-1022, 43-1121, 43-1122, 6-851) to reference the new statutory definition excluding CBDC

Modifies video service provider license fee payment requirements to specify payment must be in legal tender as defined in the bill, removing prior references to specific tax code sections