Sec. 61412. Banking services for hemp-related legitimate businesses and hemp-related service providers

269 words·~1 min read·/bill/117/hr/4521/pcs/section-61412

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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 CBD products are particularly affected, due to confusion about the legal status of such products.

Not later than the end of the 90-day period beginning on the date of enactment of this Act, the Federal banking regulators shall update their existing guidance, as applicable, regarding the provision of financial services to hemp-related legitimate businesses and hemp-related service providers to address— compliance with financial institutions’ existing obligations under Federal laws and implementing regulations determined relevant by the Federal banking regulators, including subchapter II of chapter 53 of title 31, United States Code, and its implementing regulation in conformity with this title and the Department of Agriculture’s rules regulating domestic hemp production (7 CFR 990); and best practices for financial institutions to follow when providing financial services, including processing payments, to hemp-related legitimate businesses and hemp-related service providers.

In this section: The term financial institution — has the meaning given that term under section 5312(a) of title 31, United States Code; and includes a bank holding company, as defined under section 2(a) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1841(a) ). The terms CBD , hemp , hemp-related legitimate business , and hemp-related service provider have the meaning given those terms, respectively, under section 61411.

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