§ 5506. Required disclosures.
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§ 5506. Required disclosures.
(a)Notification by legitimate cannabis-related business.-- If a legitimate cannabis-related business obtains financial or insurance services from a financial institution or insurer doing business in this Commonwealth, the business shall, within five business days, provide notice to the financial institution or insurer if a cannabis-related permit, registration or certification held by the business or its affiliates under Federal law, the laws of this Commonwealth or a law established by another state is suspended or revoked.
(b)Penalty.-- If a legitimate cannabis-related business fails to give the notice required under subsection
(a)to a financial institution or insurer, the business or business associate may be assessed a civil penalty up to $500 per day, not to exceed $25,000, until the notice is provided. The Department of Banking and Securities shall have authorization to assess civil penalties for failure to give notice under this section to a financial institution, and the Insurance Department shall have authorization to assess civil penalties for failure to give the notice under this section to an insurer.
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Cross References. Section 5506 is referred to in section 5504 of this title.
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