H0331B0306A05137 MSP:EJH 06/27/22 #90 A05137
AMENDMENTS TO HOUSE BILL NO. 331
Sponsor: SENATOR DiSANTO
Printer's No. 306
Amend Bill, page 1, lines 1 and 2, by striking out all of
said lines and inserting
Amending Title 12 (Commerce and Trade) of the Pennsylvania
Consolidated Statutes, providing for legitimate cannabis-
related business and Incentive-based Savings Program.
Amend Bill, page 1, lines 5 through 18; pages 2 through 5,
lines 1 through 30; page 6, lines 1 and 2; by striking out all
of said lines on said pages and inserting
Section 1. The General Assembly finds and declares as
follows:
(1) The headwinds to the economy on a national and State
level are significant.
(2) The financial stability of the citizens of this
Commonwealth is challenged.
(3) It is important to authorize and provide a
regulatory framework for financial institutions to conduct
savings promotion programs to encourage robust saving habits
and improve financial literacy.
(4) The framework under paragraph (3) should include
financial services for legitimate cannabis-related
businesses.
Section 2. Title 12 of the Pennsylvania Consolidated
Statutes is amended by adding chapters to read:
CHAPTER 55
LEGITIMATE CANNABIS-RELATED BUSINESS
Sec.
5501. Scope of chapter.
5502. Definitions.
5503. Services to legitimate cannabis-related businesses.
5504. Protections for financial institutions, insurers,
legitimate cannabis-related businesses and business
associates.
5505. Access to information.
5506. Required disclosures.
5507. Regulations and statements of policy.
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§ 5501. Scope of chapter.
This chapter relates to legitimate cannabis-related
businesses.
§ 5502. Definitions.
The following words and phrases when used in this chapter
shall have the meanings given to them in this section unless the
context clearly indicates otherwise:
"Business associate." A person that is a customer or
supplier of goods or services to or for the benefit of a
legitimate cannabis-related business or an officer or director,
owner, operator, shareholder, member, employee, agent or
financial backer of a legitimate cannabis-related business.
"Cannabis." Any substance defined as "marihuana" by section
102 of the Controlled Substances Act (Public Law 91-513, 84
Stat. 1236) or section 2 of the act of April 14, 1972 (P.L.233,
No.64), known as The Controlled Substance, Drug, Device and
Cosmetic Act. The term shall include hemp.
"Cannabis product." A product that contains cannabis, a
cannabis extract or a cannabis concentrate, including, but not
limited to, edible products, beverages, topicals, ointments,
oils, tinctures, capsules, pills, suppositories, inhaled
products, a hemp-derived cannabinoid product or a medical
marijuana product as defined in section 103 of the act of April
17, 2016 (P.L.84, No.16), known as the Medical Marijuana Act.
"Depository institution." As follows:
(1) a depository institution as defined in section 3(c)
of the Federal Deposit Insurance Act (64 Stat. 873, 12 U.S.C.
§ 1811 et seq.);
(2) a Federal credit union as defined in section 101 of
the Federal Credit Union Act (48 Stat. 1216, 12 U.S.C. § 1751
et seq.); or
(3) a State credit union as defined in section 101 of
the Federal Credit Union Act.
"Federal financial regulatory agency." The term includes the
Federal Reserve System, the United States Treasury, the
Comptroller of the Currency, the National Credit Union
Administration, the Federal Deposit Insurance Corporation, the
Securities and Exchange Commission and the Consumer Financial
Protection Bureau.
"Financial institution." A depository institution, trust
company, licensee, a person subject to the jurisdiction of a
Federal financial regulatory agency or a person subject to the
jurisdiction of the Department of Banking and Securities under
the act of December 5, 1972 (P.L.1280, No.284), known as the
Pennsylvania Securities Act of 1972.
"Financial service."
(1) The term includes a financial product or service:
(i) as defined by section 1002 of the Dodd-Frank
Wall Street Reform and Consumer Protection Act (Public
Law 111-203, 12 U.S.C. § 5301 et seq.), regardless of
whether the customer receiving the product or service is
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a consumer or a commercial entity; or
(ii) permitted to be provided under the authority
of:
(A) a national bank or a financial subsidiary
under 12 U.S.C. §§ 24 (42 Stat. 767), 24a (113 Stat.
1373) and 92a (76 Stat. 668);
(B) a Federal credit union under the Federal
Credit Union Act;
(C) an incorporated institution under the act of
November 30, 1965 (P.L.847, No.356), known as the
Banking Code of 1965;
(D) a credit union under 17 Pa.C.S. (relating to
credit unions) ;
(E) a person registered, or exempt from
registration, to offer or sell any security, or to
act as a broker, dealer, transfer agency, clearing
agency or investment company under the Investment
Company Act of 1940 (54 Stat. 789, 15 U.S.C. § 80a-1
et seq.);
(F) a person registered, or exempt from
registration, to:
(I) offer or sell any security, under the
Securities Act of 1933 (48 Stat. 74, 15 U.S.C. §
77a et seq.);
(II) act as an exchange, a broker, dealer,
transfer agent or clearing agent under the
Securities Exchange Act of 1934 (48 Stat. 881, 15
U.S.C. § 78a et seq.);
(III) act as an investment adviser under the
Investment Advisers Act of 1940 (54 Stat. 847, 15
U.S.C. § 80b-1 et seq.); or
(IV) act as an investment company under the
Investment Company Act of 1940; or
(G) a person acting as a broker-dealer, agent,
investment adviser or investment adviser
representative in this Commonwealth under the
Pennsylvania Securities Act of 1972.
(2) The term includes a service, whether performed
directly or indirectly, authorizing, processing, clearing,
settling, billing, transferring for deposit, transmitting,
delivering, instructing to be delivered, reconciling,
collecting or otherwise effectuating or facilitating the
payments of funds, where funds payments or funds are made or
transferred by any means, including by the use of credit
cards, debit cards or other access devices, accounts,
original or substitute checks or electronic funds transfers.
"Hemp." As defined under section 297A of the Agricultural
Marketing Act of 1946 (132 Stat. 4908, 7 U.S.C. § 1639o).
"Insurance service." A service authorized to be provided by
an insurer in this Commonwealth.
"Insurer." An entity or person authorized by the Insurance
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Department to transact the business of insurance in this
Commonwealth or designated as an eligible surplus lines insurer
as defined in section 1602 of the act of May 17, 1921 (P.L.682,
No.284), known as The Insurance Company Law of 1921. The term
includes a person licensed by the Insurance Department to sell,
solicit or negotiate insurance, and that person's officers,
directors, agents and employees.
"Legitimate cannabis-related business." A person that
participates in any business or organized activity that involves
handling cannabis or a cannabis product, including cultivating,
producing, manufacturing, selling, transporting, displaying,
dispensing, distributing or purchasing cannabis or a cannabis
product in compliance with Federal law, the laws of this
Commonwealth or a law established by another state.
"Licensee." A person defined as a licensee by section 2 of
the act of May 15, 1933 (P.L.565, No.111), known as the
Department of Banking and Securities Code.
"State." Any state, territory or possession of the United
States, the District of Columbia, the Commonwealth of Puerto
Rico, the Commonwealth of the Northern Mariana Islands, Guam,
American Samoa or the United States Virgin Islands or any
federally recognized Indian tribe as defined by the Secretary of
the Interior under section 104(a) of the Federally Recognized
Indian Tribe List Act of 1994 (Public Law 103-454, 25 U.S.C. §
479a-1).
"Trust company." The term includes:
(1) a national bank authorized to exercise trust powers
as authorized by 12 U.S.C. § 92a;
(2) a trust company as defined by section 102 of the
Banking Code of 1965; or
(3) an interstate bank as defined in section 102 of the
Banking Code of 1965 authorized to exercise the powers of a
trust company in this Commonwealth.
§ 5503. Services to legitimate cannabis-related businesses.
(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
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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.
§ 5504. Protections for financial institutions, insurers,
legitimate cannabis-related businesses and business
associates.
(a) Actions of government agencies.--No agency or political
subdivision of this Commonwealth may:
(1) prohibit, penalize or otherwise discourage a
financial institution or insurer from providing financial or
insurance services to a legitimate cannabis-related business
or the business associates of a legitimate cannabis-related
business;
(2) recommend, incentivize or encourage a financial
institution or insurer not to offer financial or insurance
services to an account holder, or downgrade or cancel
services provided to the account holder, solely because the
account holder is a legitimate cannabis-related business or a
business associate of a legitimate cannabis-related business;
(3) take adverse or corrective supervisory action on a
loan made to a legitimate cannabis-related business or a
business associate of a legitimate cannabis-related business
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solely because the loan has been made to a legitimate
cannabis-related business or a business associate of a
legitimate cannabis-related business;
(4) prohibit or penalize a financial institution or
insurer performing financial or insurance services in
association with another financial institution or insurer
from providing financial or insurance services to a
legitimate cannabis-related business or a business associate
of a legitimate cannabis-related business; or
(5) subject the legal interest of a financial
institution in the collateral for a loan or another financial
service provided to a legitimate cannabis-related business or
the business associates of a legitimate cannabis-related
business to civil or criminal forfeiture under any laws of
this Commonwealth or initiate or participate in proceedings
for the civil or criminal forfeiture of a legal interest
under Federal law or under the laws of another state.
(b) Enforcement authority.--Nothing in this act shall
prevent the Department of Banking and Securities, the Insurance
Department or the Attorney General, in a manner consistent with
the requirements of section 506 of the act of May 15, 1933
(P.L.565, No.111), known as the Department of Banking and
Securities Code, from undertaking an enforcement action for
compliance with the requirements of section 5503(a) or (b)
(relating to services to legitimate cannabis-related businesses)
in a manner consistent with subsection (a).
(c) Criminal prosecution and civil claims.--Subject to
subsection (h), no financial institution or insurer, or the
directors, officers, employees, agents, owners, shareholders or
members of a financial institution or insurer, shall be subject
to a criminal prosecution, sanction or claim for damages or any
equitable remedy, solely because the institution or insurer is
providing financial or insurance services to or for the benefit
of a legitimate cannabis-related business or the business
associates of a legitimate cannabis-related business.
(d) Proceeds of legitimate cannabis-related business
activities.--The proceeds of any transaction involving the
activities of a legitimate cannabis-related business may not be
considered proceeds from an unlawful activity, solely because
the transaction involves the proceeds from a legitimate
cannabis-related business or a business associate of a
legitimate cannabis-related business.
(e) Rights and privileges.--No legitimate cannabis-related
business, or a business associate of a legitimate cannabis-
related business, shall be denied any right or privilege by a
State agency solely because of the business's or business
associate's lawful participation in the medical marijuana
program established under the act of April 17, 2016 (P.L.84,
No.16), known as the Medical Marijuana Act.
(f) Limited immunity.--If a legitimate cannabis-related
business fails to provide the notice required under section
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5506(a) (relating to required disclosures) to a financial
institution or insurer, the financial institution or insurer
shall not be deemed in violation of this chapter solely because
the financial institution or insurer was not notified and
continued to provide services beyond the date at which such
services should or could have been terminated as a result of the
suspension or revocation of the permit, registration or
certification.
(g) Exclusion.--This chapter shall not apply to the
cultivation, production, manufacture, sale, transportation,
display, dispensing, distribution or purchase of cannabis for
recreational use within this Commonwealth in a manner contrary
to the act of April 14, 1972 (P.L.233, No.64), known as The
Controlled Substance, Drug, Device and Cosmetic Act, or any
actions in violation of the Medical Marijuana Act except as
otherwise provided by this chapter.
(h) Requirements.--The protections provided by this section
to a financial institution or insurer and to the directors,
officers, employees, agents, owners, shareholders or members of
the institution or insurer are subject to the institution's or
insurer's material compliance with the requirements of section
5503(a) and (b) and reasonable due diligence to determine that a
legitimate cannabis-related business or a business associate of
a legitimate cannabis-related business is in compliance with the
laws of this Commonwealth and the laws of other states in which
the cannabis-related business is located, or with any applicable
Federal laws, which provide authorization for the operation of a
legitimate cannabis-related business.
§ 5505. Access to information.
(a) Voluntary disclosures.--Section 1307 of the act of April
17, 2016 (P.L.84, No.16), known as the Medical Marijuana Act,
shall not prohibit the voluntary disclosure of any records or
other information by a legitimate cannabis-related business, or
a business associate to a financial institution or insurer, as
necessary to obtain financial or insurance services to the
extent not prohibited by and consistent with any applicable
requirements of the Health Insurance Portability and
Accountability Act of 1996 (Public Law 104-191, 110 Stat. 1936)
privacy regulation as promulgated by the United States
Department of Health and Human Services under 45 CFR Pts. 160
(relating to general administrative requirements), 162 (relating
to administrative requirements) and 164 (relating to security
and privacy) and 16 CFR Pt. 313 (relating to privacy of consumer
financial information).
(b) Restrictions on use of records.--A financial
institution, or insurer receiving access to information under
subsection (a), the distribution of which would otherwise be
prohibited, may only use the information as necessary to satisfy
due diligence obligations required to provide financial or
insurance services to persons participating in the medical
marijuana program established under the Medical Marijuana Act
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and may not disclose the information records to other persons
except for information:
(1) required for the filing of suspicious activity
reports with the United States Department of the Treasury or
the investigation of related reports;
(2) requested by the institution's primary regulator,
the Federal Deposit Insurance Corporation or the National
Credit Union Administration for the purposes of conducting an
examination of the institution;
(3) as necessary to respond to court orders or subpoenas
after providing the person authorizing the release of the
records and the institution's primary regulator the
opportunity to object to the order or subpoena; or
(4) as authorized by a person who is the subject to the
confidential information.
§ 5506. Required disclosures.
(a) Notification by legitimate cannabis-related business.--
If a legitimate cannabis-related business obtains financial or
insurance services from a financial institution or insurer doing
business in this Commonwealth, the business shall, within five
business days, provide notice to the financial institution or
insurer if a cannabis-related permit, registration or
certification held by the business or its affiliates under
Federal law, the laws of this Commonwealth or a law established
by another state is suspended or revoked.
(b) Penalty.--If a legitimate cannabis-related business
fails to give the notice required under subsection (a) to a
financial institution or insurer, the business or business
associate may be assessed a civil penalty up to $500 per day,
not to exceed $25,000, until the notice is provided. The
Department of Banking and Securities shall have authorization to
assess civil penalties for failure to give notice under this
section to a financial institution, and the Insurance Department
shall have authorization to assess civil penalties for failure
to give the notice under this section to an insurer.
§ 5507. Regulations and statements of policy.
The Department of Banking and Securities and the Insurance
Department may adopt statements of policy or regulations to
implement this chapter and to provide guidance to financial
institutions and insurers providing financial or insurance
services to legitimate cannabis-related businesses and business
associates of a legitimate cannabis-related business.
CHAPTER 57
INCENTIVE-BASED SAVINGS PROGRAM
Sec.
5701. Legislative intent.
5702. Definitions.
5703. Savings promotion program.
5704. Compliance with Federal regulations.
5705. Qualified financial program.
5706. Terms and conditions.
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5707. Maintenance of books and records.
§ 5701. Legislative intent.
The intent of this chapter is to authorize and provide a
regulatory framework for financial institutions to conduct
savings promotion programs to encourage robust saving habits and
improve financial literacy.
§ 5702. Definitions.
The following words and phrases when used in this chapter
shall have the meanings given to them in this section unless the
context clearly indicates otherwise:
"Eligible financial institution." Any of the following:
(1) an insured credit union; or
(2) an insured depository institution.
"Eligible individual." An individual who:
(1) is at least 18 years of age;
(2) is a member or customer of the eligible financial
institution conducting the savings promotion program; and
(3) maintains a qualified account with the eligible
financial institution conducting the savings promotion
program.
"Insured credit union." As defined in section 101 of the
Federal Credit Union Act (48 Stat. 1216, 12 U.S.C. § 1752).
"Insured depository institution." As defined in section 3 of
the Federal Deposit Insurance Act (64 Stat. 873, 12 U.S.C. §
1813).
"Prudential regulator." As defined in section 1002 of the
Consumer Financial Protection Act of 2010 ( Public Law 111-203
124 Stat. 1955, 12 U.S.C. § 5481).
"Qualified account." A savings account, time deposit or
savings program offered to an eligible individual by an eligible
financial institution pursuant to a savings promotion program.
The term includes a share account and an account where the
eligible individual has an interest individually or jointly with
another eligible individual.
"Qualified financial program." A program offered by an
eligible financial institution under section 5705 (relating to
qualified financial program).
"Savings promotion program." A contest in which the sole
consideration required for a chance of winning designated prizes
is obtained by the deposit of a specified amount of money in a
qualified account or other savings program of which each ticket
or entry has an equal chance of being drawn.
§ 5703. Savings promotion program.
(a) Authorization.--Notwithstanding any prohibitions on
lotteries or gambling provided by the laws of this Commonwealth,
including 18 Pa.C.S. §§ 5512 (relating to lotteries, etc.), 5513
(relating to gambling devices, gambling, etc.) and 5514
(relating to pool selling and bookmaking), an eligible financial
institution may conduct a savings promotion program and any
activity conducted in connection with the savings promotion
program, including, but not limited to:
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(1) the deposit of a minimum specified amount of money
in a qualified account for a minimum length of time;
(2) the participation in a qualified financial program
offered by the eligible financial institution;
(3) the transmission of any advertisement, list of
prizes or other information concerning the savings promotion
program;
(4) the offering, facilitation and acceptance of
deposits, withdrawals or other transactions in connection
with the savings promotion program;
(5) the transmission of any information relating to the
savings promotion program, including account balance and
transaction information;
(6) the deposit or transmission of prizes awarded in the
savings promotion program as well as notification or
publication of the deposit or transmission; and
(7) the establishment and operation of qualified
financial programs.
(b) Limitation.--An eligible financial institution may not
conduct a savings promotion program in a way that jeopardizes
the eligible financial institution's safety and soundness or
misleads an eligible individual or the public.
(c) Third-party participants.--An eligible financial
institution may offer a savings promotion program in conjunction
with a third-party participant that provides administrative
support, funding or other service.
§ 5704. Compliance with Federal regulations.
An eligible financial institution may offer a savings
promotion program only to the extent permitted by Federal law,
including any regulations promulgated by the institution's
appropriate prudential regulator.
§ 5705. Qualified financial program.
A qualified financial program offered under section 5703(a)
(2) (relating to savings promotion program) must include
programs to encourage an eligible individual to do at least one
of the following:
(1) Deposit or transfer money into a qualified account
on a recurring or automatic basis.
(2) Refinance or consolidate existing debt to obtain a
lower interest rate.
(3) Pay off or reduce outstanding balances to lower the
eligible individual's total debt ratio or revolving debt
ratio.
(4) Prepare a budget or a debt-reduction plan.
(5) Attend financial literacy seminars or counseling
sessions sponsored by the eligible financial institution that
are offered free of charge.
(6) Use free online financial education, budgeting or
debt-reduction tools.
§ 5706. Terms and conditions.
(a) Disclosure.--An eligible financial institution
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conducting a savings promotion program shall disclose to the
public and each participant the terms and conditions of the
savings promotion program. The terms and conditions shall be
posted in a location where entries may be submitted and shall be
included in printed materials or electronic media promoting the
savings promotion program.
(b) Content.--Terms and conditions for a savings promotion
program shall include language specifying that:
(1) No other action, purchase or other consideration is
necessary for an entry in the savings promotion program.
(2) No action or purchase of goods or services improves
the odds of winning.
(3) Each entry has the same odds of winning the savings
promotion program.
(4) The odds of winning the savings promotion program
will be determined based on the number of entries received.
(5) The winner is responsible for all applicable
Federal, State and local taxes.
(6) Participation in a qualified financial program is
offered to any qualified individual participating in the
savings promotion program.
(7) Participation in a savings promotion program
presents no financial risk to an eligible individual.
§ 5707. Maintenance of books and records.
An eligible financial institution that conducts a savings
promotion program under this chapter shall maintain books and
records relating to the conduct of the savings promotion program
sufficient to facilitate an audit of the savings promotion
program. The financial institution shall keep a record of the
names of winners of all savings promotion programs, which shall
be available for inspection by the financial institution's
customers.
Section 3. The addition of 12 Pa.C.S. §§ 5503 and 5504 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 the effective
date of this section.
Section 4. This act shall take effect as follows:
(1) The addition of 12 Pa.C.S. Ch. 57 shall take effect
in 60 days.
(2) The remainder of this act shall take effect
immediately.
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