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SB 930 - Authorizes Cannabis Limited Charter Banks - California Key Vote

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Title: Authorizes Cannabis Limited Charter Banks

Vote Smart's Synopsis:

Vote to pass a bill that authorizes California to license and regulate limited charter banks and credit unions, from which cannabis businesses can receive financial services.

Highlights:

 

  • Authorizes the state to issue licenses to cannabis charter banks or credit unions for the purpose of providing financial services to businesses in the cannabis industry (Sec. 1).

  • Authorizes such banks to provide checking accounts, credit cards, debit cards, and electronic payment services to cannabis business account holders (Sec. 1).

  • Authorizes such banks to issue special purpose checks to cannabis business account holders to be used for the following purposes (Sec. 1):

    • To pay fees or taxes to the state or local jurisdiction;

    • To pay rent on leased property;

    • To pay vendors for providing cannabis goods or services; and

    • To purchase bonds or other forms of investment in California businesses.

  • Authorizes such banks to provide accounts to people and entities other than cannabis businesses (Sec. 1).

  • Prohibits such banks from engaging in banking activity with any other financial institution that lacks a limited purpose charter issued for this purpose (Sec. 1).

Title: Authorizes Cannabis Limited Charter Banks

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