Bill Text: CA SB930 | 2017-2018 | Regular Session | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Financial institutions: cannabis.
Spectrum: Moderate Partisan Bill (Democrat 8-2)
Status: (Engrossed - Dead) 2018-08-16 - August 16 hearing: Held in committee and under submission. [SB930 Detail]
Download: California-2017-SB930-Introduced.html
Bill Title: Financial institutions: cannabis.
Spectrum: Moderate Partisan Bill (Democrat 8-2)
Status: (Engrossed - Dead) 2018-08-16 - August 16 hearing: Held in committee and under submission. [SB930 Detail]
Download: California-2017-SB930-Introduced.html
CALIFORNIA LEGISLATURE—
2017–2018 REGULAR SESSION
Senate Bill | No. 930 |
Introduced by Senator Hertzberg |
January 25, 2018 |
An act relating to financial institutions.
LEGISLATIVE COUNSEL'S DIGEST
SB 930, as introduced, Hertzberg.
Financial institutions: cannabis.
Existing law, the Financial Institutions Law, regulates the activities of various financial entities, including commercial banks, industrial banks, trust companies, credit unions, and savings and loan associations.
The Control, Regulate and Tax Adult Use of Marijuana Act of 2016, an initiative measure approved as Proposition 64 at the November 8, 2016, statewide general election, authorizes a person who obtains a state license under the act to engage in commercial adult-use cannabis activity pursuant to that license and applicable local ordinances. The Medicinal and Adult-Use Cannabis Regulation and Safety Act (MAUCRSA), among other things, consolidates the licensure and regulation of commercial medicinal and adult-use cannabis activities.
This bill would state
the intent of the Legislature to enact subsequent legislation that would establish a state-chartered bank that would allow a person licensed to engage in commercial cannabis activity under MAUCRSA to engage in banking activities in California.