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Banking Access for State-Sanctioned Cannabis and Hemp Businesses

This act aims to provide banking access for state-sanctioned marijuana and hemp businesses, allowing them to use financial services without federal penalties. It will help these businesses operate more safely and enable their employees and owners to access federally backed mortgage loans. This reduces the reliance on cash transactions in the industry.
Key points
Financial institutions will be protected from federal penalties for providing services to legal cannabis and hemp businesses.
Income from state-sanctioned marijuana businesses will be treated as legal income for federal mortgage loan qualification.
Clear guidelines for reporting suspicious activities related to these businesses will be established to combat illicit finance.
Banks cannot terminate customer accounts solely based on reputational risk, except for national security threats.
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Expired
Citizen Poll
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Additional Information
Print number: 118_HR_2891
Sponsor: Rep. Joyce, David P. [R-OH-14]
Process start date: 2023-04-26
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

SAFE Banking Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_2891.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-04-26.

What are the main provisions?

Key points include:

  • Financial institutions will be protected from federal penalties for providing services to legal cannabis and hemp businesses.
  • Income from state-sanctioned marijuana businesses will be treated as legal income for federal mortgage loan qualification.
  • Clear guidelines for reporting suspicious activities related to these businesses will be established to combat illicit finance.
  • Banks cannot terminate customer accounts solely based on reputational risk, except for national security threats.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Joyce, David P. [R-OH-14].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on Economic Opportunity.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

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