IL HB2980 | 2019-2020 | 101st General Assembly
Status
Spectrum: Partisan Bill (Democrat 3-0)
Status: Introduced on February 14 2019 - 25% progression, died in committee
Action: 2019-03-29 - House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 14 2019 - 25% progression, died in committee
Action: 2019-03-29 - House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Illinois Banking Act and the Illinois Credit Union Act. Provides that the Secretary of Financial and Professional Regulation shall not: issue an order against a financial institution for unsafe or unsound banking practices solely because the entity provides financial services to a cannabis-related legitimate business; prohibit, penalize, or otherwise discourage a financial institution from providing financial services to a cannabis-related legitimate business solely because the entity provides financial services to a cannabis-related legitimate business; recommend, incentivize, or encourage a financial institution not to offer financial services to an account holder or to downgrade or cancel the financial services offered to an account holder solely because the account holder is a manufacturer or producer or is the owner, operator, or employee of a cannabis-related legitimate business, the account holder later becomes an owner or operator of a cannabis-related legitimate business, or the financial institution was not aware that the account holder is the owner or operator of a cannabis-related legitimate business; and take any adverse or corrective supervisory action on a loan made to an owner or operator of a cannabis-related legitimate business solely because the owner or operator owns or operates a cannabis-related legitimate business or an owner or operator of real estate or equipment that is leased to a cannabis-related legitimate business solely because the owner or operator of the real estate or equipment leased the equipment or real estate to a cannabis-related legitimate business. Authorizes the Secretary to furnish confidential supervisory information relating to a financial institution providing financial services to cannabis-related businesses, limited to the name, contact information, and such other information as the Secretary determines is prudent, to the Illinois State Treasurer. Effective immediately.
Title
BANKING-CANNABIS BUSINESSES
Sponsors
History
Date | Chamber | Action |
---|---|---|
2019-03-29 | House | House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee |
2019-03-29 | House | Rule 19(a) / Re-referred to Rules Committee |
2019-03-19 | House | Added Chief Co-Sponsor Rep. Kelly M. Cassidy |
2019-03-19 | House | House Committee Amendment No. 1 Rules Refers to Judiciary - Criminal Committee |
2019-03-14 | House | Chief Sponsor Changed to Rep. Jehan Gordon-Booth |
2019-03-13 | House | House Committee Amendment No. 1 Referred to Rules Committee |
2019-03-13 | House | House Committee Amendment No. 1 Filed with Clerk by Rep. Kelly M. Cassidy |
2019-03-13 | House | Re-assigned to Judiciary - Criminal Committee |
2019-02-26 | House | Assigned to Executive Committee |
2019-02-21 | House | Added Chief Co-Sponsor Rep. Bob Morgan |
2019-02-14 | House | Referred to Rules Committee |
2019-02-14 | House | First Reading |
2019-02-14 | House | Filed with the Clerk by Rep. Kelly M. Cassidy |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
205 | 305 | 8 | Amended Code | Citation Text |
205 | 305 | 9.1 | Amended Code | Citation Text |
205 | 5 | 48 | Amended Code | Citation Text |
205 | 5 | 48.3 | Amended Code | Citation Text |