Bill Text: MI SCR0009 | 2019-2020 | 100th Legislature | Introduced
Bill Title: A concurrent resolution to memorialize the Congress of the United States to enact legislation creating a "safe harbor" for financial institutions to provide financial services to marijuana-related businesses or service providers in states that have chosen to legalize the use of marijuana.
Spectrum: Moderate Partisan Bill (Democrat 16-2)
Status: (Introduced - Dead) 2019-05-15 - Referred To Committee On Insurance And Banking [SCR0009 Detail]
Download: Michigan-2019-SCR0009-Introduced.html
Senators Hertel, Lucido, Irwin, Bullock, Wojno, Ananich, McMorrow, Bumstead, Hollier, Alexander, Santana, Bayer, Polehanki, Moss, Chang and Geiss offered the following concurrent resolution:
Senate Concurrent Resolution No. 9.
A concurrent resolution to memorialize the Congress of the United States to enact legislation creating a "safe harbor" for financial institutions to provide financial services to marijuana-related businesses or service providers in states that have chosen to legalize the use of marijuana.
Whereas, Voters of the state of Michigan approved ballot proposals in 2008 and 2018, respectively allowing for the legal medical and recreational use and regulation of marijuana; and
Whereas, Marijuana is still criminalized under federal law, creating confusion and uncertainty in matters of enforcement, taxation, and banking. Because of the federal prohibition, there is an extreme risk to provide financial services to marijuana-related businesses and service providers, resulting in a cash-intensive industry. In turn, it is very difficult for such businesses to accept noncash payments from customers and make noncash payments to employees, suppliers, landlords, and others; and
Whereas, Within a short span of time, it will be nearly impossible for Michigan's financial institutions to effectively discern whether client businesses are conducting transactions as or with marijuana-related businesses or service providers, creating unavoidable legal and regulatory risks; and
Whereas, The proliferation of cash in the marijuana industry has also given rise to significant public safety risks and logistical issues in Michigan's communities. Holding large amounts of cash heightens the risk of robbery and violence. Dealing with all cash complicates paying employees and other businesses, remitting taxes, and other routine business matters; and
Whereas, Bringing marijuana-related monies into the traditional financial services system will create transparency, accountability, and heightened enforcement against illicit drug-related activities; and
Whereas, The Secure and Fair Enforcement (SAFE) Banking Act of 2019 has been introduced in the United States House of Representatives as H.R. 1595 to provide safe harbor from federal regulators for credit unions and banks providing financial services to marijuana-related businesses and service providers, so long as they do so in compliance with state laws and regulations. The measure has received bipartisan support. Other measures have been introduced to similar effect; now, therefore, be it
Resolved by the Senate (the House of Representatives concurring), That we memorialize the Congress of the United States to enact legislation creating a "safe harbor" for financial institutions to provide financial services to marijuana-related businesses or service providers in states that have chosen to legalize the use of marijuana; and be it further
Resolved, That copies of this resolution be transmitted to the President of the United States Senate; the Speaker of the United States House of Representatives; the Chair and Ranking Member of the United States Senate Committee on Banking, Housing, and Urban Affairs; the Chair and Ranking Member of the United States House Committee on Financial Services; the Chair and Ranking Member of the United States House Committee on the Judiciary; and the members of the Michigan congressional delegation.
