RS 6:121.1.1

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RS 6:121.1.1

§121.1.1. Restrictions on enforcement power; cannabis-related legitimate businesses and service providers; egregious violations

A. For purposes of this Section:

(1)"Cannabis-related legitimate business" means any person or company that participates in any business or organized activity that involves handling, cultivating, producing, manufacturing, selling, transporting, displaying, dispensing, distributing or purchasing cannabis or cannabis products, pursuant to a law established by this state.

(2)"Service provider" means a business, organization, or other person who sells goods or provides services to a cannabis-related legitimate business.

B. The commissioner shall not do any of the following:

(1)Prohibit or otherwise discourage a state bank or credit union from providing financial services to a cannabis-related legitimate business or service provider solely because the account holder is a cannabis-related legitimate business, or is an employee, owner, or operator of a cannabis-related legitimate business.

(2)Penalize a state bank or credit union for providing financial services to a cannabis-related legitimate business or service provider 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.

(3)Recommend, incentivize, or encourage a state bank or credit union 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.

(4)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.

(5)Take any adverse or corrective supervisory action on a loan made to 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.

(6)Prohibit or otherwise discourage a state bank or credit union from authorizing, processing, clearing, settling, billing, transferring, reconciling, or collecting payments for a cannabis-related legitimate business or service provider.

(7)Penalize a state bank or credit union for authorizing, processing, clearing, settling, billing, transferring, reconciling, or collecting payments for a cannabis-related legitimate business or service provider.

C. A state bank or credit union's providing financial services to a cannabis-related legitimate business or service provider shall not be considered an egregious violation for purposes of R.S. 6:121.1(C).

Acts 2020, No. 100, §1.