Existing law, the Financial Institutions Law, regulates the activities of various financial entities, including commercial banks, industrial banks, trust companies, credit unions, and savings and loan associations. The Control, Regulate and Tax Adult Use of Marijuana Act of 2016, an initiative measure approved as Proposition 64 at the November 8, 2016, statewide general election, authorizes a person who obtains a state license under the act to engage in commercial adult-use cannabis activity pursuant to that license and applicable local ordinances. The Medicinal and Adult-Use Cannabis Regulation and Safety Act (MAUCRSA) , among other things, consolidates the licensure and regulation of commercial medicinal and adult-use cannabis activities.Advertisment
This bill would state the intent of the Legislature to enact subsequent legislation that would establish a state-chartered bank that would allow a person licensed to engage in commercial cannabis activity under MAUCRSA to engage in banking activities in California.
In an effort to be an unbiased source of information, all text in this summary comes directly from government resources.
From committee: Do pass and re-refer to Com. on GOV. & F. (Ayes 7. Noes 0.) (April 18). Re-referred to Com. on GOV. & F.Thu, Apr 19th 2018
From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.I.Mon, Apr 9th 2018
Set for hearing April 18.Thu, Mar 29th 2018
Re-referred to Coms. on B. & F.I. and GOV. & F.Wed, Mar 21st 2018
From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.Wed, Mar 14th 2018
Referred to Com. on RLS.Thu, Feb 8th 2018
From printer. May be acted upon on or after February 25.Fri, Jan 26th 2018
Introduced. Read first time. To Com. on RLS. for assignment. To print.Thu, Jan 25th 2018