Marijuana Businesses Access to Banking Act of 2015
This bill provides a safe harbor for depository institutions providing financial services to a marijuana-related legitimate business insofar as it prohibits a federal banking regulator from: (1) terminating or limiting the deposit or share insurance of a depository institution solely because it provides financial services to a marijuana-related legitimate business; or (2) prohibiting, penalizing, or otherwise discouraging a depository institution from offering such services.
A federal banking regulator may neither recommend, motivate, provide incentives, nor encourage a depository institution to refuse to offer financial services to an individual, nor downgrade or cancel financial services offered to an individual, solely because the individual: (1) is a manufacturer, producer, owner or operator of a marijuana-related legitimate business; or (2) the depository institution was not aware that the individual is the owner or operator of a marijuana-related legitimate business.
A federal banking regulator may not take any adverse or corrective supervisory action, solely because of the business involved, on a loan made to an owner or operator of: (1) a marijuana-related legitimate business, or (2) real estate or equipment that is leased to a marijuana-related legitimate business.
Immunity from federal criminal prosecution or investigation is granted, subject to certain conditions, to a depository institution that provides financial services to a marijuana-related legitimate business in a state or one of its political subdivisions that allows the cultivation, production, manufacture, sale, transportation, display, dispensing, distribution, or purchase of marijuana. Neither the depository institution nor its officers, directors, nor employees may be held liable under federal law or regulation solely for providing such financial services or further investing income derived from those services.
The Department of the Treasury must require any suspicious activity report filed by a financial institution regarding a marijuana-based business to comply with specified guidance of the Financial Crimes Enforcement Network.
[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2076 Introduced in House (IH)]
114th CONGRESS
1st Session
H. R. 2076
To create protections for depository institutions that provide
financial services to marijuana-related businesses, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 28, 2015
Mr. Perlmutter (for himself, Mr. Heck of Washington, Mr. Polis, Mr.
Jeffries, Mr. Blumenauer, Mr. Rangel, Ms. DeGette, Ms. Norton, Mr.
McGovern, Ms. Titus, Mr. Peters, Ms. DelBene, Ms. Brownley of
California, Ms. Lofgren, Mr. Coffman, Ms. Pingree, Mr. Sherman, and Ms.
Sinema) introduced the following bill; which was referred to the
Committee on Financial Services, and in addition to the Committee on
the Judiciary, for a period to be subsequently determined by the
Speaker, in each case for consideration of such provisions as fall
within the jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To create protections for depository institutions that provide
financial services to marijuana-related businesses, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Marijuana Businesses Access to
Banking Act of 2015''.
SEC. 2. SAFE HARBOR FOR DEPOSITORY INSTITUTIONS.
A Federal banking regulator may not--
(1) terminate or limit the deposit insurance or
share insurance of a depository institution under the
Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.)
or the Federal Credit Union Act (12 U.S.C. 1751 et
seq.) solely because the depository institution
provides or has provided financial services to a
marijuana-related legitimate business;
(2) prohibit, penalize, or otherwise discourage a
depository institution from providing financial
services to a marijuana-related legitimate business;
(3) recommend, incentivize, or encourage a
depository institution not to offer financial services
to an individual, or to downgrade or cancel the
financial services offered to an individual solely
because--
(A) the individual is a manufacturer or
producer, or is the owner or operator of a
marijuana-related legitimate business;
(B) the individual later becomes an owner
or operator of a marijuana-related legitimate
business; or
(C) the depository institution was not
aware that the individual is the owner or
operator of a marijuana-related legitimate
business; and
(4) take any adverse or corrective supervisory
action on a loan made to an owner or operator of--
(A) a marijuana-related legitimate
business, solely because the owner or operator
owns or operates a marijuana-related legitimate
business; or
(B) real estate or equipment that is leased
to a marijuana-related legitimate business,
solely because the owner or operator of the
real estate or equipment leased the equipment
or real estate to a marijuana-related
legitimate business.
SEC. 3. PROTECTIONS UNDER FEDERAL LAW.
(a) In General.--In a State or political subdivision of a State
that allows the cultivation, production, manufacture, sale,
transportation, display, dispensing, distribution, or purchase of
marijuana pursuant to a law or regulation of such State or political
subdivision, a depository institution that provides financial services
to a marijuana-related legitimate business, and the officers,
directors, and employees of that depository institution may not be held
liable pursuant to any Federal law or regulation--
(1) solely for providing such financial services pursuant
to the law or regulation of such State or political
subdivision; or
(2) for further investing any income derived from such
financial services.
(b) Forfeiture.--A depository institution that has a legal interest
in the collateral for a loan made to an owner or operator of a
marijuana-related legitimate business, or to an owner or operator of
real estate or equipment that is leased to a marijuana-related
legitimate business, shall not be subject to criminal, civil, or
administrative forfeiture of that legal interest pursuant to any
Federal law for providing such loan.
SEC. 4. RULE OF CONSTRUCTION.
Nothing in this Act shall require a depository institution to
provide financial services to a marijuana-related legitimate business.
SEC. 5. REQUIREMENTS FOR FILING SUSPICIOUS ACTIVITY REPORTS.
Section 5318(g) of title 31, United States Code, is amended by
adding at the end the following:
``(5) Requirements for marijuana-related businesses.--
``(A) In general.--If a financial institution or
any director, officer, employee, or agent of a
financial institution reports a suspicious transaction
pursuant to this subsection, and the reason for the
report relates to a marijuana-related business, the
Secretary shall require that such report complies with
the requirements of the guidance issued by the
Financial Crimes Enforcement Network titled `BSA
Expectations Regarding Marijuana-Related Businesses'
(FIN-2014-G001; published on February 14, 2014). The
Secretary may issue additional regulations or guidance
as necessary to ensure that reports of suspicious
transactions do not inhibit the provision of financial
services to marijuana-related legitimate businesses in
a State or political subdivision of a State that has
allowed the cultivation, production, manufacture, sale,
transportation, display, dispensing, distribution, or
purchase of marijuana pursuant to law or regulation of
such State or political subdivision.
``(B) Definition.--In this paragraph, the term
`marijuana-related legitimate business' has the meaning
given such term in the Marijuana Businesses Access to
Banking Act of 2015.''.
SEC. 6. DEFINITIONS.
In this Act:
(1) Depository institution.--The term ``depository
institution'' means--
(A) a depository institution as defined in section
3(c) of the Federal Deposit Insurance Act (12 U.S.C.
1813(c));
(B) a Federal credit union as defined in section
101 of the Federal Credit Union Act (12 U.S.C. 1752);
or
(C) a State credit union as defined in section 101
of the Federal Credit Union Act (12 U.S.C. 1752).
(2) Federal banking regulator.--The term ``Federal banking
regulator'' means each of the Board of Governors of the Federal
Reserve System, the Bureau of Consumer Financial Protection,
the Federal Deposit Insurance Corporation, the Office of the
Comptroller of the Currency, the National Credit Union
Administration, or any Federal agency or department that
regulates banking or financial services, as determined by the
Secretary of the Treasury.
(3) Financial service.--The term ``financial service''
means a financial product or service as defined in section 1002
of the Dodd-Frank Wall Street Reform and Consumer Protection
Act (12 U.S.C. 5481).
(4) Manufacturer.--The term ``manufacturer'' means a person
who manufactures, compounds, converts, processes, prepares, or
packages marijuana or marijuana products.
(5) Marijuana-related legitimate business.--The term
``marijuana-related legitimate business'' means a manufacturer,
producer, or any person that--
(A) participates in any business or organized
activity that involves handling marijuana or marijuana
products, including cultivating, producing,
manufacturing, selling, transporting, displaying,
dispensing, distributing, or purchasing marijuana or
marijuana products; and
(B) engages in such activity pursuant to a law or
regulation of by a State or a political subdivision of
a State.
(6) Marijuana.--The term ``marijuana'' has the meaning
given the term ``marihuana'' in section 102 of the Controlled
Substances Act (21 U.S.C. 802).
(7) Marijuana product.--The term ``marijuana product''
means any article which contains marijuana, including an
article which is a concentrate, an edible, a tincture, a
marijuana-infused product, or a topical.
(8) Producer.--The term ``producer'' means a person who
plants, cultivates, harvests, or in any way facilitates the
natural growth of marijuana.
(9) State.--The term ``State'' means each of the several
States, the District of Columbia, Puerto Rico, and any
territory or possession of the United States.
<all>
Introduced in House
Introduced in House
Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on Crime, Terrorism, Homeland Security, and Investigations.
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