Sec. 2. Definitions

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

In this Act: The term business of insurance has the meaning given the term in section 1002 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5481). The term CBD means cannabidiol. The term community development financial institution has the meaning given the term in section 103 of the Community Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 4702). Except where otherwise expressly provided, 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); and a State credit union, as defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752); and includes any minority depository institution, as defined in section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 note).

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 Federal Housing Finance Agency, the Office of the Comptroller of the Currency, the National Credit Union Administration, the Department of the Treasury (including the Financial Crimes Enforcement Network and the Office of Foreign Assets Control), or any Federal agency or department that regulates banking or financial services, as determined by the Secretary of the Treasury.

The term financial product or service has the meaning given the term in section 1002 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5481). The term financial service — means— a financial product or service, regardless of whether the customer receiving the product or service is a consumer or commercial entity; or a financial product or service, or any combination of products and services, permitted to be provided by— a national bank or a financial subsidiary pursuant to the authority provided under— the paragraph designated as the Seventh of section 5136 of the Revised Statutes (12 U.S.C. 24); or section 5136A of the Revised Statutes (12 U.S.C. 24a); a Federal credit union, pursuant to the authority provided under the Federal Credit Union Act (12 U.S.C. 1751 et seq.); or a community development financial institution; and includes— the business of insurance; whether performed directly or indirectly, the authorizing, processing, clearing, settling, billing, transferring for deposit, transmitting, delivering, instructing to be delivered, reconciling, collecting, or otherwise effectuating or facilitating the payment of funds that are made or transferred by any means, including by the use of credit cards, debit cards, other payment cards, or other access devices, accounts, original or substitute checks, or electronic funds transfers; acting as a money transmitting business that directly or indirectly makes use of a depository institution in connection with effectuating or facilitating a payment for a State-sanctioned marijuana business or service provider in compliance with section 5330 of title 31, United States Code, and any applicable State or Tribal law; and acting as an armored car service for processing and depositing with a depository institution or a Federal reserve bank with respect to any monetary instruments, as defined in section 1956(c)(5) of title 18, United States Code.

The term hemp has the meaning given the term in section 297A of the Agricultural Marketing Act of 1946 (7 U.S.C. 1639o). The term hemp-related legitimate business means a manufacturer, producer, or any person or company that— engages in any activity described in subparagraph

(B)in conformity with the Agriculture Improvement Act of 2018 (Public Law 115–334; 132 Stat. 4490), amendments made by that Act, and the regulations issued to implement that Act by the Department of Agriculture, where applicable, and the law of a State, an Indian Tribe, or a political subdivision of a State; and participates in any business or organized activity that involves handling hemp, hemp-derived CBD products, and other hemp-derived cannabinoid products, including cultivating, producing, extracting, manufacturing, selling, transporting, displaying, dispensing, distributing, or purchasing hemp, hemp-derived CBD products, and other hemp-derived cannabinoid products. The term hemp-related service provider — means a business, organization, or other person that— sells goods or services to a hemp-related legitimate business; or provides any business services, including the sale or lease of real or any other property, legal or other licensed services, or any other ancillary service, relating to hemp, hemp-derived CBD products, or other hemp-derived cannabinoid products; and does not include a business, organization, or other person that participates in any business or organized activity that involves handling hemp, hemp-derived CBD products, or other hemp-derived cannabinoid products, including cultivating, producing, manufacturing, selling, transporting, displaying, dispensing, distributing, or purchasing hemp, hemp-derived CBD products, and other hemp-derived cannabinoid products. The term Indian Tribe has the meaning given the term Indian tribe in section 102 of the Federally Recognized Indian Tribe List Act of 1994 (25 U.S.C. 5130). The term insurer has the meaning given the term in section 313(r) of title 31, United States Code. The term manufacturer means a person who manufactures, compounds, converts, processes, prepares, or packages marijuana or marijuana products. The term marijuana has the meaning given the term marihuana in section 102 of the Controlled Substances Act (21 U.S.C. 802). 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. The term service provider — means a business, organization, or other person that— sells goods or services to a State-sanctioned marijuana business; or provides any business services, including the sale or lease of real or any other property, legal or other licensed services, or any other ancillary service, relating to a State-sanctioned marijuana business; and does not include a business, organization, or other person that participates in any business or organized activity that involves handling marijuana or marijuana products, including cultivating, producing, manufacturing, selling, transporting, displaying, dispensing, distributing, or purchasing marijuana or marijuana products. The term State means each of the several States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession of the United States. The term State-sanctioned marijuana business means a manufacturer, producer, or any person that— engages in any activity described in subparagraph

(B)pursuant to a law established by a State, an Indian Tribe, or a political subdivision of a State, as determined by such State, Indian Tribe, or political subdivision; and participates in any business or organized activity that involves handling marijuana or marijuana products, including cultivating, producing, manufacturing, selling, transporting, displaying, dispensing, distributing, or purchasing marijuana or marijuana products.

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