Bill Allowing Financial Institutions to Work with Marijuana Industry Passes WA Senate Committee, Already Passed Full House

Legislation to explicitly give permission to financial institutions to provide services to licensed marijuana businesses has been approved by the Washington State Senate Committee on Financial Institutions and Insurance Committee.

The committee voted 5 to 1 today to pass House Bill 2098, which was filed by Representative David Sawyer (D) and is cosponsored by Representatives Brandon Bick (R), Steve Kirby (D) and Cary Condotta (R). The measure, which passed the full House of Representatives last month in an 82 to 12 vote, would provide “immunity from state criminal prosecution to a financial institution providing financial services to licensed marijuana businesses and qualifying patients, health care professionals, and providers under medical marijuana laws.”

For purposes of the bill, “financial institution” is defined as “a bank, trust company, mutual savings bank, savings and loan association, or credit union authorized to do business and accept deposits in Washington under state or federal law. Financial institutions are generally regulated by the Department of Financial Institutions.”

The full text of House Bill 2098 can be found by clicking here. It must now be passed by the full Senate before it can be sent to Governor Jay Inslee for final consideration.

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