,,ii #aaeth ,,congress #ast ,session ,s4 #aaeb ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,may #ag1 #bjag,mr4 ,merkley 7for himself1 ,mr4 ,paul1 ,mr4 ,bennet1 ,mr4 ,wyden1 ,ms4 ,warren1 ,mrs4 ,murray1 ,ms4 ,cortez ,masto1 ,mr4 ,schatz1 and ,mr4 ,gardner7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to create protections for depository institutions that provide financial services to cannabis-related businesses1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,secure and ,fair ,enforcement ,banking ,act or the ,,safe ,banking ,act4 #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 ,indian tribe that exercises jurisdiction over cannabis-related legitimate businesses2 7#c7 recommend1 incentivize1 or encourage a depository institution not to offer financial services to the owner1 operator1 or an individual that is an account holder of a cannabis-related legitimate business1 or downgrade or cancel financial services offered to an account holder of a cannabis-related legitimate business solely because-- 7,a7 the account holder later becomes a cannabis-related legitimate business2 or 7,b7 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 to an owner or operator of-- 7,a7 a cannabis-related legitimate business solely because the business owner or operator is a cannabis-related business without express statutory authority1 as in effect on the day before the date of enactment of this ,act2 or 7,b7 real estate or equipment that is leased or sold to a cannabis-related legitimate business solely because the owner or operator of the real estate or equipment leased or sold the equipment or real estate to a cannabis-related legitimate business4 #c4 ,protections under ,federal law 7a7 ,in general ,in a ,state1 political subdivision of a ,state1 or ,indian country that allows the cultivation1 production1 manufacturing1 transportation1 display1 dispensing1 distribution1 sale1 or purchase of cannabis pursuant to a law 7including regulations7 of the ,state1 political subdivision of the ,state1 or the ,indian tribe that has jurisdiction over the ,indian country1 as applicable1 a depository institution and the officers1 director1 and employees of the depository institution that provides financial services to a cannabis-related legitimate business may not be held liable pursuant to any ,federal law 7including regulations7-- 7#a7 solely for providing the financial services pursuant to the law 7including regulations7 of the ,state1 political subdivision of the ,state1 or ,indian tribe2 or 7#b7 for further investing any income derived from the financial services4 7b7 ,forfeiture ,a depository institution that has a legal interest in the collateral for a loan made 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 the loan or other financial services solely because the collateral is owned by a cannabis-related business4 #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 7,a7 ,definitions ,in this paragraph-- 7i7 the term cannabis has the meaning given the term marihuana in section #ajb of the ,controlled ,substances ,act 7#ba ,u4,s4,c4 #hjb72 7ii7 the term cannabis-related legitimate business has the meaning given the term in section #f of the ,,safe ,banking ,act2 7iii7 the term financial service means a financial product or service1 as defined in section #ajjb of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #edha72 7iv7 the term ,indian country has the meaning given the term in section #aaea of title #ah2 and 7v7 the term ,indian tribe has the meaning given the term in section #ajb of the ,federally ,recognized ,indian ,tribe ,list ,act of #aiid 7#be ,u4,s4,c4 #dgi;a74 7,b7 ,reporting of suspicious transactions ,a financial institution or any director1 officer1 employee1 or agent of a financial institution that reports a suspicious activity related to a transaction by a cannabis-related legitimate business 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 ,,safe ,banking ,act and does not inhibit the provision of financial services to a cannabis-related legitimate business in a ,state1 political subdivision of a ,state1 or ,indian country that has allowed the cultivation1 production1 manufacturing1 transportation1 display1 dispensing1 distribution1 sale1 or purchase of cannabis1 or any other conduct relating to cannabis1 pursuant to law or regulation of the ,state1 the political subdivision of the ,state1 or ,indian tribe that has jurisdiction over the ,indian country4 4 #f4 ,definitions ,in this ,act3 7#a7 ,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#b7 ,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#c7 ,cannabis-related legitimate business ,the term cannabis-related legitimate business means a manufacturer1 producer1 or any person or company that-- 7,a7 engages in any activity described in subparagraph 7,b7 pursuant to a law established by a ,state or a political subdivision of a ,state2 and 7,b7 7i7 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 products2 or 7ii7 provides-- 7,i7 any financial service1 including retirement plans or exchange traded funds1 relating to cannabis2 or 7,,ii7 any business services1 including the sale or lease of real or any other property1 legal or other licensed services1 or any other ancillary service1 relating to cannabis4 7#d7 ,company ,the term company means a partnership1 corporation1 association1 7incorporated or unincorporated71 trust1 estate1 cooperative organization1 ,state1 or any other entity4 7#e7 ,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#f7 ,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#g7 ,financial service ,the term financial service means a financial product or service1 as defined in section #ajjb of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #edha74 7#h7 ,indian country ,the term ,indian country has the meaning given the term in section #aaea of title #ah1 ,united ,states ,code4 7#i7 ,indian tribe ,the term ,indian tribe has the meaning given the term in section #ajb of the ,federally ,recognized ,indian ,tribe ,list ,act of #aiid 7#be ,u4,s4,c4 #dgi;a74 7#aj7 ,manufacturer ,the term manufacturer means a person or company who manufactures1 compounds1 converts1 processes1 prepares1 or packages cannabis or cannabis products4 7#aa7 ,producer ,the term producer means a person or company who plants1 cultivates1 harvests1 or in any way facilitates the natural growth of cannabis4 7#ab7 ,state ,the term ,state means each of the several ,states1 the ,district of ,columbia1 ,puerto ,rico1 any territory or possession of the ,united ,states4