Sec. 2. Business access to insured depository institutions
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/bill/113/hr/4986/ih/section-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Federal Deposit Insurance Act ( 12 U.S.C. 1811 et seq. ) is amended by adding at the end the following new section: The Federal banking agencies may not prohibit or otherwise restrict or discourage an insured depository institution from providing any product or service to an entity that demonstrates to the insured depository institution that such entity— is licensed and authorized to offer such product or service; is registered as a money transmitting business under section 5330 of title 31, United States Code, or regulations promulgated under such section; or has a reasoned legal opinion that demonstrates the legality of the entity’s business under applicable law.
Nothing in this section shall be construed to— require an insured depository institution— to provide any product or service to any particular entity; to regularly review the status of any license of an entity; or to determine the validity or veracity of any reasoned legal opinion obtained under subsection (a)(3); or imply or require that an insured depository institution may only provide products or services to an entity that has met any of the requirements of paragraphs
(1)through
(3)of subsection (a). The Federal banking agencies may not issue any guidance under subsection (a). Any rule implementing subsection
(a)shall be promulgated in accordance with section 553 of title 5, United States Code. For purposes of this section, the term reasoned legal opinion — means a written legal opinion by a State-licensed attorney that addresses the facts of a particular business and the legality of the business’s provision of products or services to customers in the relevant jurisdictions under applicable Federal and State law, tribal ordinances, tribal resolutions, and tribal-State compacts; and does not include a written legal opinion that recites the facts of a particular business and states a conclusion. .
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Sec. 2
Business access to insured depository institutions
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