Sec. 2. Safe harbor for depository institutions
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/bill/117/s/910/is/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A Federal banking regulator may not— terminate or limit the deposit insurance or share insurance of a depository institution under the Federal Deposit Insurance Act ( 12 U.S.C. 1811 et seq.), the Federal Credit Union Act ( 12 U.S.C. 1751 et seq.), or take any other adverse action against a depository institution under section 8 of the Federal Deposit Insurance Act ( 12 U.S.C. 1818 ) solely because the depository institution provides or has provided financial services to a cannabis-related legitimate business or service provider; prohibit, penalize, or otherwise discourage a depository institution from providing financial services to a cannabis-related legitimate business or service provider or to a State, political subdivision of a State, or Indian Tribe that exercises jurisdiction over cannabis-related legitimate businesses; recommend, incentivize, or encourage a depository institution not to offer financial services to an account holder, or to downgrade or cancel the financial services offered to an account holder solely because— the account holder is a cannabis-related legitimate business or service provider, or is an employee, owner, or operator of a cannabis-related legitimate business or service provider; the account holder later becomes an employee, owner, or operator of a cannabis-related legitimate business or service provider; or the depository institution was not aware that the account holder is an employee, owner, or operator of a cannabis-related legitimate business or service provider; take any adverse or corrective supervisory action on a loan made to— a cannabis-related legitimate business or service provider, solely because the business is a cannabis-related legitimate business or service provider; an employee, owner, or operator of a cannabis-related legitimate business or service provider, solely because the employee, owner, or operator is employed by, owns, or operates a cannabis-related legitimate business or service provider, as applicable; or an owner or operator of real estate or equipment that is leased to a cannabis-related legitimate business or service provider, solely because the owner or operator of the real estate or equipment leased the equipment or real estate to a cannabis-related legitimate business or service provider, as applicable; or prohibit or penalize a depository institution (or entity performing a financial service for or in association with a depository institution) for, or otherwise discourage a depository institution (or entity performing a financial service for or in association with a depository institution) from, engaging in a financial service for a cannabis-related legitimate business or service provider.
Subsection
(a)shall apply to an institution applying for a depository institution charter to the same extent as such subsection applies to a depository institution.
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