Marijuana Businesses Access to Banking Act of 2013

Bill: 113-hr-2652
Sponsor: full_name: Rep. Perlmutter, Ed [D-CO-7]
Introduced: 2013-07-10
Policy area: Finance and Financial Sector
Subjects: Bank accounts, deposits, capital

Banking and financial institutions regulation

Credit and credit markets

Criminal investigation, prosecution, interrogation

Drug trafficking and controlled substances

Financial services and investments

Government information and archives
Latest action: action_date: 2013-09-13
text: Referred to the Subcommittee on Crime, Terrorism, Homeland Security, and Investigations.

Summaries:
action_date: 2013-07-10
action_desc: Introduced in House
text: <p>Marijuana Businesses Access to Banking Act of 2013 - Prohibits a federal banking regulator from: (1) terminating or limiting the deposit insurance of a depository institution solely because it either provides or has provided financial services to a marijuana-related legitimate business; or (2) prohibiting, penalizing, or otherwise discouraging a depository institution from providing financial services to a marijuana-related legitimate business.</p> <p>Prohibits a federal banking regulator, in addition, from recommending, motivating, providing incentives, or encouraging a depository institution not to offer financial services to an individual, or to downgrade or cancel financial services offered to an individual, solely because the individual: (1) is or later becomes a manufacturer, producer, owner or operator of a marijuana-related legitimate business; or (2) the depository institution was not aware that the individual is the owner or operator of a marijuana-related legitimate business. </p> <p> Prohibits a federal banking regulator from taking any action on a loan to an owner or operator of: (1) a marijuana-related legitimate business, or (2) real estate or equipment that is leased to a marijuana-related legitimate business.</p> <p>Grants immunity from federal criminal prosecution or investigation to a depository institution providing financial services to a marijuana-related legitimate business. </p> <p>Prohibits the Secretary of the Treasury from requiring a depository institution, and any director, officer, employee, or agent of a depository institution, to report a transaction as suspicious solely because a party to the transaction is a marijuana-related legitimate business. </p><UL><UL> </UL> </UL>

tv_txt: I 113th CONGRESS 1st Session H. R. 2652 IN THE HOUSE OF REPRESENTATIVES July 10, 2013 Mr. Perlmutter (for himself, Mr. Heck of Washington , Mr. McDermott , Mr. Blumenauer , Mr. Polis , Mr. Smith of Washington , Mr. Farr , Mr. Kilmer , Mr. Moran , Ms. Norton , Mr. Capuano , Ms. DelBene , Mr. Coffman , Ms. DeGette , Mr. DeFazio , Mr. Lowenthal , Ms. Pingree of Maine , Mr. Rohrabacher , and Ms. Schakowsky ) 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 marijuana-related businesses.

1. Short title This Act may be cited as the Marijuana Businesses Access to Banking Act of 2013 . 2. Safe harbor for depository institutions A Federal banking regulator may not— (1) terminate or limit the deposit insurance of a depository institution under the Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) solely because the depository institution provides or has provided financial services to a marijuana-related legitimate business; (2) prohibit, penalize, or otherwise discourage a depository institution from providing financial services to a marijuana-related legitimate business; (3) recommend, incentivize, or encourage a depository institution not to offer financial services to an individual, or to downgrade or cancel the financial services offered to an individual solely because— (A) the individual is a manufacturer or producer, or is the owner or operator of a marijuana-related legitimate business; (B) the individual later becomes an owner or operator of a marijuana-related legitimate business; or (C) the depository institution was not aware that the individual is the owner or operator of a marijuana-related legitimate business; and (4) take any action on a loan to an owner or operator of— (A) a marijuana-related legitimate business; or (B) real estate or equipment that is leased to a marijuana-related legitimate business. 3. Protections under Federal law (a) Investigation and prosecution A depository institution that provides financial services to a marijuana-related legitimate business, and the officers, directors, and employees of that depository institution, shall be immune from Federal criminal prosecution or investigation for providing those services. (b) Federal criminal law A depository institution that provides financial services to a marijuana-related legitimate business may not be held liable pursuant to any Federal criminal law solely for providing those services or for further investing any income derived from such services. (c) Forfeiture A depository institution that has a legal interest in the collateral for a loan made to an owner or operator of a marijuana-related legitimate business, or to an owner or operator of real estate or equipment that is leased to a marijuana-related legitimate business, shall not be subject to criminal, civil, or administrative forfeiture of that legal interest pursuant to any Federal law for providing such loan. 4. Rule of construction Nothing in this Act shall require a depository institution to provide financial services to a marijuana-related legitimate business. 5. Exemption from filing suspicious activity reports Section 5318(g) of title 31, United States Code, is amended by adding at the end the following: (5) Exemption for marijuana-related legitimate businesses (A) In general The Secretary shall not require a depository institution, and any director, officer, employee, or agent of a depository institution, to report a transaction as suspicious solely because a party to the transaction is a marijuana-related legitimate business. (B) Definitions In this paragraph, the terms depository institution and marijuana-related legitimate business have the meanings given such terms in the Marijuana Businesses Access to Banking Act of 2013. . 6. Definitions In this Act: (1) Depository institution The term depository institution means— (A) a depository institution as defined in section 3(c) of the Federal Deposit Insurance Act (12 U.S.C. 1813(c)); (B) a Federal credit union as defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752); or (C) a State credit union as defined in section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 ). (2) Federal banking regulator The term Federal banking regulator means each of the Board of Governors of the Federal Reserve System, the Bureau of Consumer Financial Protection, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, or any agency or department that regulates banking or financial services, as determined by the Secretary of the Treasury. (3) Financial service The term financial service means a financial product or service as defined in section 1002 of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5481 ). (4) Manufacturer The term manufacturer means a person who manufactures, compounds, converts, processes, prepares, or packages marijuana or marijuana products. (5) Marijuana-related legitimate business The term marijuana-related legitimate business means a manufacturer, producer, or any person that— (A) participates in any business or organized activity that involves handling marijuana or marijuana products, including selling, transporting, displaying, dispensing, or distributing marijuana or marijuana products; and (B) engages in such activity pursuant to a law established by a State or a unit of local government. (6) Marijuana The term marijuana has the meaning given the term marihuana in section 102 of the Controlled Substances Act ( 21 U.S.C. 802 ). (7) Marijuana product The term marijuana product means any article which contains marijuana, including an article which is a concentrate, an edible, a tincture, a marijuana-infused product, or a topical. (8) Producer The term producer means a person who plants, cultivates, harvests, or in any way facilitates the natural growth of marijuana. (9) State The term State means each of the several States, the District of Columbia, Puerto Rico, and any territory or possession of the United States.