Industrial Hemp Banking Act This bill prohibits a federal banking regulator from: (1) terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate industrial hemp business; (2) prohibiting or otherwise discouraging a depository institution from offering financial services to such a business; (3) recommending, incentivizing, or encouraging a depository institution not to offer financial services to an account holder solely because the account holder is affiliated with such a business; or (4) taking any adverse or corrective supervisory action on a loan made to a person solely because the person either owns such a business or owns real estate or equipment leased to such a business. As specified by the bill, a depository institution shall not, under federal law, be liable or subject to forfeiture for providing financial services to a legitimate industrial hemp business.
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Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Introduced in House
Referred to the House Committee on Financial Services.
Finance and Financial Sector
Agricultural practices and innovationsBank accounts, deposits, capitalBanking and financial institutions regulationBusiness investment and capitalCivil actions and liabilityDrug trafficking and controlled substancesFinancial services and investmentsFraud offenses and financial crimes
To create protections for depository institutions that provide financial services to industrial hemp legitimate businesses, and for other purposes.
USA115th CongressHR-4711| House
| Updated: 12/21/2017
Industrial Hemp Banking Act This bill prohibits a federal banking regulator from: (1) terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate industrial hemp business; (2) prohibiting or otherwise discouraging a depository institution from offering financial services to such a business; (3) recommending, incentivizing, or encouraging a depository institution not to offer financial services to an account holder solely because the account holder is affiliated with such a business; or (4) taking any adverse or corrective supervisory action on a loan made to a person solely because the person either owns such a business or owns real estate or equipment leased to such a business. As specified by the bill, a depository institution shall not, under federal law, be liable or subject to forfeiture for providing financial services to a legitimate industrial hemp business.
Agricultural practices and innovationsBank accounts, deposits, capitalBanking and financial institutions regulationBusiness investment and capitalCivil actions and liabilityDrug trafficking and controlled substancesFinancial services and investmentsFraud offenses and financial crimes