In sure sign Illinois should be unveiling its proposed recreational marijuana law soon, bill about banking cannabis is finally being introduced.
It’s no secret, Illinois wants recreational use. The new Governor’s proposed 2020 Illinois budget includes around $170 million from recreational marijuana but Illinois hasn’t yet passed a bill finalizing the framework for Illinois’s foray into recreational cannabis. Pundits and businesses looking to capitalize on existing structures – including accusations that established players in Illinois’s already extant medical marijuana business are pushing legislation meant to limit competition – are jockeying for input and public opinion.
Senate Bill 7 (SB0007) is the placeholder introduced this legislative session looking to establish the “Cannabis Regulation and Taxation Act” – this is the bill that’s drawn the most attention but, unfortunately, it’s not completed yet as the sponsors are still working out the details. What we do know comes from a series of reports and interviews they’ve given – perhaps the most information came from these live-tweets from an event they gave discussing their proposal. As before, the statement is that everyone is still waiting on a demand study before moving legislation forward. In a statement to the Belleville News-Democrat, representative Steans said she expected the results of the demand study very, very shortly.
In a sure sign that progress is being made, Steans has also introduced an important bill designed to facilitate the logistics of whatever Illinois new recreational cannabis system is. A banking bill that should lessen the regulatory burdens for banks and credit unions looking to services the recreational marijuana industry.
Senate Bill 2023 (SB2023) introduced on 2/15 would amend the Illinois banking act and the Illinois Credit Union Act; here’s the official synopsis:
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.