Sec. 11. Banking services for hemp businesses
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/bill/116/hr/1595/eh/section-11A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Congress finds that— the Agriculture Improvement Act of 2018 ( Public Law 115–334 ) legalized hemp by removing it from the definition of marihuana under the Controlled Substances Act; despite the legalization of hemp, some hemp businesses (including producers, manufacturers, and retailers) continue to have difficulty gaining access to banking products and services; and businesses involved in the sale of hemp-derived cannabidiol ( CBD ) products are particularly affected, due to confusion about their legal status.
Not later than the end of the 90-day period beginning on the date of enactment of this Act, the Federal banking regulators shall jointly issue guidance to financial institutions— confirming the legality of hemp, hemp-derived CBD products, and other hemp-derived cannabinoid products, and the legality of engaging in financial services with businesses selling hemp, hemp-derived CBD products, and other hemp-derived cannabinoid products, after the enactment of the Agriculture Improvement Act of 2018; and to provide recommended best practices for financial institutions to follow when providing financial services and merchant processing services to businesses involved in the sale of hemp, hemp-derived CBD products, and other hemp-derived cannabinoid products.
In this section, the term financial institution means any person providing financial services.
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Sec. 11
Banking services for hemp businesses
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