Sec. 204. Access to banking
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/bill/116/s/421/is/section-204A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this section— 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; and the term producer means a person who plants, cultivates, harvests, or in any way facilitates the natural growth of marijuana.
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 business; prohibit, penalize, or otherwise discourage a depository institution from providing financial services to a marijuana-related business; recommend, incentivize, or encourage a depository institution not to offer financial services to a person, or to downgrade or cancel the financial services offered to a person solely because— the person is a manufacturer or producer of marijuana; the person is the owner, operator, or an employee of a marijuana-related business; the person later becomes an owner, operator, or employee of a marijuana-related business; or the depository institution was not aware that the person is the owner, operator, or an employee of a marijuana-related business; or take any adverse or corrective supervisory action on a loan to an owner, operator, or employee of— a marijuana-related business solely because the owner, operator, or employee is an owner, operator, or employee of a marijuana-related business; or real estate or equipment that is leased to a marijuana-related business solely because the owner or operator of the real estate or equipment leased the real estate or equipment to a marijuana-related business.
Notwithstanding any other provision of law, the Board of Governors of the Federal Reserve System may not deny a master account to a depository institution solely on the basis that the depository institution accepts deposits of funds from marijuana-related businesses. A depository institution that provides financial services to a marijuana-related 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 business, or the officers, directors, and employees of that 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, operator, or employee of a marijuana-related business, or to an owner or operator of real estate or equipment that is leased to a marijuana-related business, shall not be subject to criminal, civil, or administrative forfeiture of that legal interest pursuant to any Federal law for providing such loan.
Nothing in this section requires a depository institution to provide financial services to a marijuana-related business.
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