Abstract: Prohibits the commissioner of the office of financial institutions (OFI) from taking
adverse action against a state bank or credit union solely for providing financial services to
a cannabis-related legitimate business or service provider.
Present law allows the commissioner of OFI to, in his discretion, conduct investigations and hearings
to ascertain possible violations of present law, and to take certain actions against a person or
institution who violates present law.
Proposed law retains present law but places restrictions on the type of activity which can be
considered a violation, worthy of investigation or enforcement by the commissioner of OFI.
Proposed law applies to state banks and credit unions.
Proposed law defines "cannabis-related legitimate business" and "service provider".
Proposed law prohibits the commissioner of OFI from prohibiting or discouraging certain financial
institutions from providing services to a cannabis-related legitimate business or service provider,
solely based on the account holder being a cannabis-related legitimate business or service provider.
Proposed law prohibits the commissioner of OFI from penalizing certain financial institutions for
providing financial services to a cannabis-related legitimate business or service provider, solely
based on the account holder being a cannabis-related legitimate business or service provider.
Proposed law prohibits the commissioner of OFI from recommending, encouraging, or providing
incentive to a financial institution to withhold financial services to an account holder, based solely
on the account holder being a cannabis-related legitimate business or service provider.
Proposed law prohibits the commissioner of OFI from taking adverse or corrective supervisory
action on a loan made to a cannabis-related legitimate business or service provider, solely because
the business is a cannabis-related legitimate business or service provider.
Proposed law prohibits the commissioner of OFI from taking adverse or corrective supervisory
action on a loan made to an employee, owner, or operator of a cannabis-related legitimate business
or service provider, based solely on his association with the cannabis-related legitimate business or
service provider.
Proposed law prohibits the commissioner of OFI from discouraging certain financial institutions
from authorizing, billing, transferring, reconciling, or collecting payments for a cannabis-related
legitimate business or service provider.
Proposed law prohibits the commissioner of OFI from penalizing certain financial institutions for
authorizing, billing, transferring, reconciling, or collecting payments for a cannabis-related legitimate
business or service provider.
Proposed law provides that providing financial services to a cannabis-related legitimate business or
service provider shall not be considered an egregious violation, which the commissioner may report
to the attorney general or district attorney, under present law.
(Adds R.S. 6:121.1.1)