Sec. 7. Guidance and examination procedures
197 words·~1 min read·
/bill/118/s/2860/rs/section-7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than 1 year after the date of enactment of this Act, the Federal Financial Institutions Examination Council, in consultation with the Department of the Treasury, shall develop uniform guidance and examination procedures for depository institutions that provide financial services to State-sanctioned marijuana businesses and service providers. The guidance and examination procedures described in subsection
(a)shall permit a depository institution to accept a deposit of currency from a State-sanctioned marijuana business if— the business received the currency during the 90-day period ending on the date on which the business commenced its relationship with the depository institution; the business provided the depository institution with records sufficient to demonstrate the source of the currency being deposited by the business; the amount of the currency is reasonable in light of the expected revenue of the business, as determined by the depository institution consistent with the risk-based procedures for ensuring compliance with the section 5318(h) of title 31, United States Code, and any applicable regulations implementing that section; and the depository institution complies with any other applicable reporting requirements pursuant to subchapter II of chapter 53 of title 31, United States Code, and any applicable regulations implementing that subchapter.