Sec. 6. Banking
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/bill/114/s/683/is/section-6·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this section— the term depository institution means— a depository institution as defined in section 3(c) of the Federal Deposit Insurance Act ( 12 U.S.C. 1813(c) ); a Federal credit union as defined in section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 ); or a State credit union as defined in section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 ); 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; 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 ); the term manufacturer means a person who manufactures, compounds, converts, processes, prepares, or packages marijuana or marijuana products; the term marijuana-related legitimate business means a manufacturer, producer, or any person that— participates in any business or organized activity that involves handling marijuana or marijuana products, including selling, transporting, displaying, dispensing, or distributing marijuana or marijuana products; and engages in such activity pursuant to a law established by a State or a unite of local government; the term marijuana has the meaning given the term marihuana in section 102 of the Controlled Substances Act ( 21 U.S.C. 802 ), as amended by this Act; the term marijuana product means any article that contains marijuana, including an article that is a concentrate, an edible, a tincture, a marijuana-infused product, or a topical; the term producer means a person who plants, cultivates, harvests, or in any way facilitates the natural growth of marijuana; and the term State means each of the several States, the District of Columbia, Puerto Rico, and any territory or possession of the United States.
A Federal banking regulator may not— terminate or limit the deposit 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; prohibit, penalize, or otherwise discourage a depository institution from providing financial services to a marijuana-related legitimate business; 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— the individual is a manufacturer or producer of marijuana; the individual is the owner or operator of a marijuana-related legitimate business; the individual later becomes an owner or operator of a marijuana-related legitimate business; or the depository institution was not aware that the individual is the owner or operator of a marijuana-related legitimate business; or take any adverse or corrective supervisory action on a loan to an owner or operator of— a marijuana-related legitimate business solely because the owner or operator is a marijuana-related business; or 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 real estate or equipment to a marijuana-related business.
A depository institution that provides financial services to a marijuana-related legitimate business, or the officers, directors, and employees of that business, shall be immune from Federal criminal prosecution or investigation for providing those services. A depository institution that provides financial services to a marijuana-related legitimate business shall not be subject to a criminal penalty under any Federal law solely for providing those services or for further investing any income derived from such services.
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. Section 5318(g) of title 31, United States Code, is amended by adding at the end the following:
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). .
Nothing in this section requires a depository institution to provide financial services to a marijuana-related legitimate business.
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