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.
Status:
Expired
Civic Will
Why does your vote on bills matter?
It creates raw, undeniable proof. Civic Will provides the permanent data to verify the Government's loyalty towards its citizens
(explained here).
Start recording it now.