Banking Access and Mortgage Eligibility for State-Legal Cannabis Businesses.
This Act protects financial institutions that provide services to state-sanctioned marijuana and hemp businesses, allowing them to operate without fear of federal penalties. For citizens, this means employees and owners in these legal industries can use their income to qualify for federally backed mortgages, and businesses can move away from risky cash-only operations, enhancing safety and financial transparency.
Key points
Banks and insurers gain protection (safe harbor) when serving state-legal cannabis and hemp businesses.
Income from state-sanctioned marijuana businesses must be treated as legal income for qualifying for federal single-family mortgage loans.
Proceeds from legal cannabis sales will not be considered proceeds from "unlawful activity" under federal money laundering laws solely due to the nature of the business.
Federal regulators are restricted from ordering banks to terminate customer accounts based solely on "reputational risk."
Expired
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