Today's Law As Amended

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AB-1525 Cannabis: financial institutions.(2019-2020)



SECTION 1.

 Chapter 24 (commencing with Section 26260) is added to Division 10 of the Business and Professions Code, to read:

CHAPTER  24. Financial Institutions
26260.
 (a) An entity that receives deposits, extends credit, conducts fund transfers, transports cash or financial instruments on behalf of a financial institution, or provides other financial services for persons licensed to engage in commercial cannabis activity pursuant to this division does not commit a crime under any California law solely by virtue of receiving deposits, extending credit, conducting fund transfers, transporting cash or other financial instruments, or providing other financial services for the person.
(b) Licensing authorities are authorized to share application, licensee, and regulatory information, including information in the track and trace system pursuant to Sections 26067 and 26068, with financial institutions.
(c) Persons licensed to engage in commercial cannabis activity pursuant to this division shall sign a waiver allowing licensing authorities to transmit application, licensee, and regulatory information, including information in the track and trace system pursuant to Sections 26067 and 26068, to financial institutions.
(d) For purposes of this section, “entity” means a licensee defined in Section 185 of the Financial Code, an armored car service licensed by the Department of the California Highway Patrol pursuant to Section 2510 of the Vehicle Code that has been contracted by a financial institution, or a person providing financial services to persons licensed to engage in commercial cannabis activity pursuant to this division.
(e) For the purposes of this section, “financial institutions” means any of the following:
(1) A bank, trust company, or industrial loan company doing business under the authority of, or in accordance with, a license, certificate, or charter issued by the United States or any state, district, territory, or commonwealth of the United States that is authorized to transact business in this state.
(2) A federally chartered savings and loan association, federal savings bank, or federal credit union that is authorized to transact business in this state.
(3) A savings and loan association, savings bank, or credit union organized under the laws of this or any other state that is authorized to transact business in this state.
(4) A licensee defined pursuant to Section 185 of the Financial Code.
(f) A certified public accountant or certified public accounting firm, which practices public accounting pursuant to Section 5050, does not commit a crime under California law solely for providing professional accounting services as specified to persons licensed to engage in commercial cannabis activity pursuant to this division.
SEC. 2.
 The Legislature finds and declares that Section 1 of this act, which adds Chapter 24 (commencing with Section 26260) to Division 10 of the Business and Professions Code, furthers the purposes and intent of the Control, Regulate and Tax Adult Use of Marijuana Act of 2016, as stated in Section 3 of that act.