I 

115TH CONGRESS 

1ST SESSION H. R. 2215 

To create protections for depository institutions that provide financial services 

to cannabis-related legitimate businesses, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 27, 2017 

Mr. PERLMUTTER (for himself, Mr. BLUMENAUER, Mr. COFFMAN, Mr. 

COHEN, Mr. CONYERS, Mr. CORREA, Mr. COURTNEY, Ms. DEGETTE, Mr. 

DELANEY, Ms. DELBENE, Mr. HECK, Mr. HUNTER, Ms. JAYAPAL, Mr. 

KIHUEN, Ms. LEE, Mr. LEWIS of Minnesota, Mr. TED LIEU of California, Ms. MCCOLLUM, Mr. MCGOVERN, Ms. NORTON, Mr. PETERS, Mr. 

POCAN, Mr. POLIS, Mr. ROHRABACHER, Mr. SCHRADER, Mr. SHERMAN, 

Mr. SWALWELL of California, Ms. TITUS, and Mr. YOUNG of Alaska) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for 

a period to be subsequently determined by the Speaker, in each case for 

consideration of such provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To create protections for depository institutions that provide 

financial services to cannabis-related legitimate businesses, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


lotter on DSK5VPTVN1PROD with BILLS
2 

•HR 2215 IH

1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Secure And Fair En3 forcement Banking Act of 2017’’ or the ‘‘SAFE Act of 

4 2017’’. 

5 SEC. 2. SAFE HARBOR FOR DEPOSITORY INSTITUTIONS. 

6 A Federal banking regulator may not— 

7 (1) terminate or limit the deposit insur8 ance or share insurance of a depository institu9 tion under the Federal Deposit Insurance Act 

10 (12 U.S.C. 1811 et seq.) or the Federal Credit 

11 Union Act (12 U.S.C. 1751 et seq.) solely be12 cause the depository institution provides or has 

13 provided financial services to a cannabis-related 

14 legitimate business; 

15 (2) prohibit, penalize, or otherwise discour16 age a depository institution from providing fi17 nancial services to a cannabis-related legitimate 

18 business or to a State or political subdivision of 

19 a State that exercises jurisdiction over can20 nabis-related legitimate businesses; 

21 (3) recommend, incentivize, or encourage a 

22 depository institution not to offer financial serv23 ices to an account holder, or to downgrade or 

24 cancel the financial services offered to an ac25 count holder solely because— 


lotter on DSK5VPTVN1PROD with BILLS
3 

•HR 2215 IH

1 (A) the account holder is a manufac2 turer or producer, or is the owner, oper3 ator, or employee of a cannabis-related le4 gitimate business; 

5 (B) the account holder later becomes 

6 an owner or operator of a cannabis-related 

7 legitimate business; or 

8 (C) the depository institution was not 

9 aware that the account holder is the owner 

10 or operator of a cannabis-related legitimate 

11 business; and 

12 (4) take any adverse or corrective super13 visory action on a loan made to an owner or op14 erator of— 

15 (A) a cannabis-related legitimate busi16 ness, solely because the owner or operator 

17 owns or operates a cannabis-related legiti18 mate business; or 

19 (B) real estate or equipment that is 

20 leased to a cannabis-related legitimate 

21 business, solely because the owner or oper22 ator of the real estate or equipment leased 

23 the equipment or real estate to a cannabis24 related legitimate business. 


lotter on DSK5VPTVN1PROD with BILLS
4 

•HR 2215 IH

1 SEC. 3. PROTECTIONS UNDER FEDERAL LAW. 

2 (a) IN GENERAL.—In a State or a political subdivi3 sion of a State that allows the cultivation, production, 

4 manufacture, sale, transportation, display, dispensing, dis5 tribution, or purchase of cannabis pursuant to a law or 

6 regulation of such State or political subdivision a deposi7 tory institution that provides financial services to a can8 nabis-related legitimate business, and the officers, direc9 tors, and employees of that depository institution may not 

10 be held liable pursuant to any Federal law or regulation— 

11 (1) solely for providing such financial services 

12 pursuant to the law or regulation of such State or 

13 political subdivision; or 

14 (2) for further investing any income derived 

15 from such financial services. 

16 (b) FORFEITURE.—A depository institution that has 

17 a legal interest in the collateral for a loan or another fi18 nancial service provided to an owner or operator of a can19 nabis-related legitimate business, or to an owner or oper20 ator of real estate or equipment that is leased or sold to 

21 a cannabis-related legitimate business, shall not be subject 

22 to criminal, civil, or administrative forfeiture of that legal 

23 interest pursuant to any Federal law for providing such 

24 loan or other financial service. 


lotter on DSK5VPTVN1PROD with BILLS
5 

•HR 2215 IH

1 SEC. 4. RULE OF CONSTRUCTION. 

2 Nothing in this Act shall require a depository institu3 tion to provide financial services to a cannabis-related le4 gitimate business. 

5 SEC. 5. REQUIREMENTS FOR FILING SUSPICIOUS ACTIVITY 

6 REPORTS. 

7 Section 5318(g) of title 31, United States Code, is 

8 amended by adding at the end the following: 

9 ‘‘(5) REQUIREMENTS FOR CANNABIS-RELATED

10 BUSINESSES.—A financial institution or any direc11 tor, officer, employee, or agent of a financial institu12 tion that reports a suspicious transaction pursuant 

13 to this subsection and the reason for the report re14 lates to a cannabis-related legitimate business (as 

15 defined in section 6 of the Secure and Fair Enforce16 ment Banking Act of 2017), the report shall comply 

17 with appropriate guidance issued by the Financial 

18 Crimes Enforcement Network. The Secretary shall 

19 ensure that the guidance is consistent with the pur20 pose and intent of the Secure and Fair Enforcement 

21 Banking Act of 2017 and does not inhibit the provi22 sion of financial services to a cannabis-related legiti23 mate business in a State or political subdivision of 

24 a State that has allowed the cultivation, production, 

25 manufacture, transportation, display, dispensing, 

26 distribution, sale, or purchase of cannabis pursuant 


lotter on DSK5VPTVN1PROD with BILLS
6 

•HR 2215 IH

1 to law or regulation of such State or political sub2 division.’’. 

3 SEC. 6. DEFINITIONS. 

4 In this Act: 

5 (1) DEPOSITORY INSTITUTION.—The term ‘‘de6 pository institution’’ means— 

7 (A) a depository institution as defined in 

8 section 3(c) of the Federal Deposit Insurance 

9 Act (12 U.S.C. 1813(c)); 

10 (B) a Federal credit union as defined in 

11 section 101 of the Federal Credit Union Act 

12 (12 U.S.C. 1752); or 

13 (C) a State credit union as defined in sec14 tion 101 of the Federal Credit Union Act (12 

15 U.S.C. 1752). 

16 (2) FEDERAL BANKING REGULATOR.—The 

17 term ‘‘Federal banking regulator’’ means each of the 

18 Board of Governors of the Federal Reserve System, 

19 the Bureau of Consumer Financial Protection, the 

20 Federal Deposit Insurance Corporation, the Office of 

21 the Comptroller of the Currency, the National Credit 

22 Union Administration, or any Federal agency or de23 partment that regulates banking or financial serv24 ices, as determined by the Secretary of the Treas25 ury. 


lotter on DSK5VPTVN1PROD with BILLS
7 

•HR 2215 IH

1 (3) FINANCIAL SERVICE.—The term ‘‘financial 

2 service’’ means a financial product or service as de3 fined in section 1002 of the Dodd-Frank Wall Street 

4 Reform and Consumer Protection Act (12 U.S.C. 

5 5481). 

6 (4) MANUFACTURER.—The term ‘‘manufac7 turer’’ means a person who manufactures, com8 pounds, converts, processes, prepares, or packages 

9 cannabis or cannabis products. 

10 (5) CANNABIS-RELATED LEGITIMATE BUSI11 NESS.—The term ‘‘cannabis-related legitimate busi12 ness’’ means a manufacturer, producer, or any per13 son that— 

14 (A) engages in an activity described in sub15 paragraph (B) pursuant to a law or regulation 

16 of a State, political subdivision of a State, or a 

17 Tribal-State compact; or 

18 (B) participates in any business or orga19 nized activity that involves handling cannabis or 

20 cannabis products, including cultivating, pro21 ducing, manufacturing, selling, transporting, 

22 displaying, dispensing, distributing, or pur23 chasing cannabis or cannabis products. 


lotter on DSK5VPTVN1PROD with BILLS
8 

•HR 2215 IH

1 (6) CANNABIS.—The term ‘‘cannabis’’ has the 

2 meaning given the term ‘‘marihuana’’ in section 102 

3 of the Controlled Substances Act (21 U.S.C. 802). 

4 (7) CANNABIS PRODUCT.—The term ‘‘cannabis 

5 product’’ means any article which contains cannabis, 

6 including an article which is a concentrate, an edi7 ble, a tincture, a cannabis-infused product, or a top8 ical. 

9 (8) PRODUCER.—The term ‘‘producer’’ means a 

10 person who plants, cultivates, harvests, or in any 

11 way facilitates the natural growth of cannabis. 

12 (9) STATE.—The term ‘‘State’’ means each of 

13 the several States, the District of Columbia, Puerto 

14 Rico, and any territory or possession of the United 

15 States. 

Æ 


lotter on DSK5VPTVN1PROD with BILLS