1207ka

    On the printed bill, delete everything after the enacting clause and insert:

"    Section 1. That the code be amended by adding a NEW SECTION to read:

    The state may not prohibit, penalize, or otherwise discourage under law, regulation, or rule any state-chartered depository institution from providing financial services to a legitimate cannabis-related business, or to a state or political subdivision of a state that exercises jurisdiction over legitimate cannabis-related businesses, solely because the depository institution provides or has provided financial services to a legitimate cannabis-related business.

    Section 2. That the code be amended by adding a NEW SECTION to read:

    For the purposes of this Act, the term, legitimate cannabis-related business, refers to a business that holds a valid license and operates under the laws of the state where the business is located.

    Section 3. That the code be amended by adding a NEW SECTION to read:

    Nothing in this Act shall require a depository institution in this state to provide financial services to a legitimate cannabis-related business.

    Section 4. That the code be amended by adding a NEW SECTION to read:

    Nothing in this Act requires the state or any financial institution located within this state from complying with federal laws or regulations or from assisting law enforcement or federal government employees in work related to financial institutions.

    Section 5. That the code be amended by adding a NEW SECTION to read:

    The Division of Banking is authorized to research and develop ways to promote economic growth through providing financial services to legitimate cannabis-related businesses."