Sec. 3. Safe harbor for depository institutions
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/bill/118/s/2860/rs/section-3A 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. ) or the Federal Credit Union Act ( 12 U.S.C. 1751 et seq. ) or take any other adverse action against 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 State-sanctioned marijuana business or service provider; prohibit a depository institution from providing, or penalize a depository institution for providing, financial services to— a State-sanctioned marijuana business or service provider solely because the business or service provider is a State-sanctioned marijuana business or service provider; or a State, an Indian Tribe, or a political subdivision of a State solely because that entity exercises jurisdiction over State-sanctioned marijuana 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 State-sanctioned marijuana business or service provider, or is an employee, owner, or operator of a State-sanctioned marijuana business or service provider; the account holder later becomes an employee, owner, or operator of a State-sanctioned marijuana business or service provider; or the depository institution was not aware, after conducting sufficient risk-based customer due diligence in accordance with applicable requirements, that the account holder is an employee, owner, or operator of a State-sanctioned marijuana business or service provider; take any adverse or corrective supervisory action on a loan made to— a State-sanctioned marijuana business or service provider, solely because the business is a State-sanctioned marijuana business or service provider; an employee, owner, or operator of a State-sanctioned marijuana business or service provider, solely because the employee, owner, or operator is employed by, owns, or operates a State-sanctioned marijuana business or service provider, as applicable; or an owner or operator of real estate or equipment that is leased to a State-sanctioned marijuana business or service provider, solely because the owner or operator of the real estate or equipment leased the equipment or real estate to a State-sanctioned marijuana business or service provider, as applicable; or prohibit a depository institution (or entity performing a financial service for or in association with a depository institution) from, or penalize a depository institution (or entity performing a financial service for or in association with a depository institution) for, engaging in a financial service for a State-sanctioned marijuana business or service provider solely because the business or service provider is a State-sanctioned marijuana 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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