,i #aaeth ,,congress #ast ,session ,h4 ,r4 #bbae ,,in ,,the ,,house ,,of ,,representatives ,april #bg1 #bjag,mr4 ,perlmutter 7for himself1 ,mr4 ,blumenauer1 ,mr4 ,coffman1 ,mr4 ,cohen1 ,mr4 ,conyers1 ,mr4 ,correa1 ,mr4 ,courtney1 ,ms4 ,de,gette1 ,mr4 ,delaney1 ,ms4 ,del,bene1 ,mr4 ,heck1 ,mr4 ,hunter1 ,ms4 ,jayapal1 ,mr4 ,kihuen1 ,ms4 ,lee1 ,mr4 ,lewis of ,minnesota1 ,mr4 ,ted ,lieu of ,california1 ,ms4 ,mc,collum1 ,mr4 ,mc,govern1 ,ms4 ,norton1 ,mr4 ,peters1 ,mr4 ,pocan1 ,mr4 ,polis1 ,mr4 ,rohrabacher1 ,mr4 ,schrader1 ,mr4 ,sherman1 ,mr4 ,swalwell of ,california1 ,ms4 ,titus1 and ,mr4 ,young of ,alaska7 introduced the following bill2 which was referred to the ,committee on ,financial ,services1 and in addition to the ,committee on the ,judiciary1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to create protections for depository institutions that provide financial services to cannabis-related legitimate businesses1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,secure ,and ,fair ,enforcement ,banking ,act of #bjag or the ,,safe ,act of #bjag4 #b4 ,safe harbor for depository institutions ,a ,federal banking regulator may not-- 7#a7 terminate or limit the deposit insurance or share insurance of a depository institution under the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq47 or the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #agea et seq47 solely because the depository institution provides or has provided financial services to a cannabis-related legitimate business2 7#b7 prohibit1 penalize1 or otherwise discourage a depository institution from providing financial services to a cannabis-related legitimate business or to a ,state or political subdivision of a ,state that exercises jurisdiction over cannabis-related legitimate businesses2 7#c7 recommend1 incentivize1 or encourage a depository institution not to offer financial services to an account holder1 or to downgrade or cancel the financial services offered to an account holder solely because-- 7,a7 the account holder is a manufacturer or producer1 or is the owner1 operator1 or employee of a cannabis-related legitimate business2 7,b7 the account holder later becomes an owner or operator of a cannabis-related legitimate business2 or 7,c7 the depository institution was not aware that the account holder is the owner or operator of a cannabis-related legitimate business2 and 7#d7 take any adverse or corrective supervisory action on a loan made to an owner or operator of-- 7,a7 a cannabis-related legitimate business1 solely because the owner or operator owns or operates a cannabis-related legitimate business2 or 7,b7 real estate or equipment that is leased to a cannabis-related legitimate business1 solely because the owner or operator of the real estate or equipment leased the equipment or real estate to a cannabis-related legitimate business4 #c4 ,protections under ,federal law 7a7 ,in general ,in a ,state or a political subdivision of a ,state that allows the cultivation1 production1 manufacture1 sale1 transportation1 display1 dispensing1 distribution1 or purchase of cannabis pursuant to a law or regulation of such ,state or political subdivision a depository institution that provides financial services to a cannabis-related legitimate business1 and the officers1 directors1 and employees of that depository institution may not be held liable pursuant to any ,federal law or regulation-- 7#a7 solely for providing such financial services pursuant to the law or regulation of such ,state or political subdivision2 or 7#b7 for further investing any income derived from such financial services4 7b7 ,forfeiture ,a depository institution that has a legal interest in the collateral for a loan or another financial service provided to an owner or operator of a cannabis-related legitimate business1 or to an owner or operator of real estate or equipment that is leased or sold to a cannabis-related legitimate business1 shall not be subject to criminal1 civil1 or administrative forfeiture of that legal interest pursuant to any ,federal law for providing such loan or other financial service4 #d4 ,rule of construction ,nothing in this ,act shall require a depository institution to provide financial services to a cannabis-related legitimate business4 #e4 ,requirements for filing suspicious activity reports ,section #ecah7;g7 of title #ca1 ,united ,states ,code1 is amended by adding at the end the following3 7#e7 ,requirements for cannabis-related businesses ,a financial institution or any director1 officer1 employee1 or agent of a financial institution that reports a suspicious transaction pursuant to this subsection and the reason for the report relates to a cannabis-related legitimate business 7as defined in section #f of the ,secure and ,fair ,enforcement ,banking ,act of #bjag71 the report shall comply with appropriate guidance issued by the ,financial ,crimes ,enforcement ,network4 ,the ,secretary shall ensure that the guidance is consistent with the purpose and intent of the ,secure and ,fair ,enforcement ,banking ,act of #bjag and does not inhibit the provision of financial services to a cannabis-related legitimate business in a ,state or political subdivision of a ,state that has allowed the cultivation1 production1 manufacture1 transportation1 display1 dispensing1 distribution1 sale1 or purchase of cannabis pursuant to law or regulation of such ,state or political subdivision4 4 #f4 ,definitions ,in this ,act3 7#a7 ,depository institution ,the term depository institution means-- 7,a7 a depository institution as defined in section #c7;c7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac7;c772 7,b7 a ,federal credit union as defined in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb72 or 7,c7 a ,state credit union as defined in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb74 7#b7 ,federal banking regulator ,the term ,federal banking regulator means each of the ,board of ,governors of the ,federal ,reserve ,system1 the ,bureau of ,consumer ,financial ,protection1 the ,federal ,deposit ,insurance ,corporation1 the ,office of the ,comptroller of the ,currency1 the ,national ,credit ,union ,administration1 or any ,federal agency or department that regulates banking or financial services1 as determined by the ,secretary of the ,treasury4 7#c7 ,financial service ,the term financial service means a financial product or service as defined in section #ajjb of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #edha74 7#d7 ,manufacturer ,the term manufacturer means a person who manufactures1 compounds1 converts1 processes1 prepares1 or packages cannabis or cannabis products4 7#e7 ,cannabis-related legitimate business ,the term cannabis-related legitimate business means a manufacturer1 producer1 or any person that-- 7,a7 engages in an activity described in subparagraph 7,b7 pursuant to a law or regulation of a ,state1 political subdivision of a ,state1 or a ,tribal-,state compact2 or 7,b7 participates in any business or organized activity that involves handling cannabis or cannabis products1 including cultivating1 producing1 manufacturing1 selling1 transporting1 displaying1 dispensing1 distributing1 or purchasing cannabis or cannabis products4 7#f7 ,cannabis ,the term cannabis has the meaning given the term marihuana in section #ajb of the ,controlled ,substances ,act 7#ba ,u4,s4,c4 #hjb74 7#g7 ,cannabis product ,the term cannabis product means any article which contains cannabis1 including an article which is a concentrate1 an edible1 a tincture1 a cannabis-infused product1 or a topical4 7#h7 ,producer ,the term producer means a person who plants1 cultivates1 harvests1 or in any way facilitates the natural growth of cannabis4 7#i7 ,state ,the term ,state means each of the several ,states1 the ,district of ,columbia1 ,puerto ,rico1 and any territory or possession of the ,united ,states4