Signed by Governor John Bel Edwards

Vote Smart's Synopsis:

Vote to pass a bill that prohibits commissioners from penalizing state banks and credit unions for providing financial services to cannabis-related businesses.

Highlights:

• Prohibits a commissioner from doing any of the following solely because an account holder is a cannabis-related legitimate business (Sec. 1): 

• Prohibiting or discouraging a state bank or credit union from providing financial services to a cannabis-related legitimate business or service provider;

• Penalizing a state bank or credit union for providing financial services to a cannabis-related legitimate business;

• Recommending or incentivizing a state bank or credit union to not offer services or downgrade or cancel financial services offered to a cannabis-related legitimate business; or

• Taking any adverse or corrective supervisory action on a loan made to a cannabis-related legitimate business. 

• Defines a “cannabis-related legitimate business” as any person or company that participates in any business or organized activity that involves cannabis or cannabis products pursuant to a law established by this state (Sec. 1).

• Specifies that a state bank or credit union’s providing financial services to a cannabis-related legitimate business is not considered an egregious violation (Sec. 1).

Full Bill Text