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§ 5503. Services to legitimate cannabis-related businesses

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 12 Pa.C.S.A. Commerce and TradeEffective: July 11, 2022

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 12 Pa.C.S.A. Commerce and Trade (Refs & Annos)
Part IV. Commercial Protection (Refs & Annos)
Chapter 55. Legitimate Cannabis-Related Business
Effective: July 11, 2022
12 Pa.C.S.A. § 5503
§ 5503. Services to legitimate cannabis-related businesses
Currentness
<Section 3 of Act 2022, July 11, P.L. 691, No. 56, provides that the addition of this section by that Act shall apply to the provision of financial or insurance services to a legitimate cannabis-related business or a business associate of a legitimate cannabis-related business on or after July 11, 2022.>
(a) Authorization to provide financial services.--A financial institution authorized to engage in business in this Commonwealth may provide financial services to or for the benefit of a legitimate cannabis-related business and the business associates of a legitimate cannabis-related business subject to:
(1) the laws and regulations applicable to the provision of financial services to other customers of the financial institution;
(2) any applicable consumer protection laws of this Commonwealth;
(3) any additional requirements applicable to the institution established for the provision of services to a legitimate cannabis-related business or its business associates by a Federal financial regulatory agency, the Department of Banking and Securities or a financial regulatory agency of the state under which the institution is organized; and
(4) the extent the institution is providing services to a legitimate cannabis-related business or its business associates in another jurisdiction, any additional requirements applicable to the institution established for the provision of the services by a financial regulatory agency of that jurisdiction.
(b) Authorization to provide insurance services.--An insurer may provide insurance services to or for the benefit of a legitimate cannabis-related business and the business associates of a legitimate cannabis-related business subject to:
(1) the laws and regulations applicable to the provision of insurance services to other customers of the insurer;
(2) any applicable consumer protection laws of this Commonwealth;
(3) any additional requirements applicable to the insurer established for the provision of services to a legitimate cannabis-related business or its business associates by the Insurance Department; and
(4) the extent the insurer is providing services to a legitimate cannabis-related business or its business associates in another jurisdiction, any additional requirements applicable to the insurer established for the provision of the services by an insurance regulatory agency of that jurisdiction.
(c) No requirement to provide services.--Nothing in this chapter shall require a depository institution, an entity performing a financial service for or in association with a financial institution or an insurer to provide financial or insurance services to a legitimate cannabis-related business or the business associates of a legitimate cannabis-related business or to any other business.

Credits

2022, July 11, P.L. 691, No. 56, § 2, imd. effective.
12 Pa.C.S.A. § 5503, PA ST 12 Pa.C.S.A. § 5503
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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