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.”

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

Washington Senate Committee Votes to Allow Financial Institutions to Service Marijuana Businesses

Legislation that would explicitly allow financial institutions in Washington State to provide services to licensed marijuana businesses has been approved by the Senate Financial Institutions and Insurance Committee.

The vote on Senate Bill 5928 comes shortly after a companion bill – House Bill 2098 – was approved by the House Judiciary Committee. The bipartisan measure 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.”

Read moreWashington Senate Committee Votes to Allow Financial Institutions to Service Marijuana Businesses

WA: House Judiciary Committee Approves Measure Explicitly Allowing Financial Institutions to Work with Marijuana Industry

A Washington bill to give explicit permission to financial institutions to provide services to licensed marijuana businesses has been approved by the state’s House Judiciary Committee.

The bipartisan House Bill 2098 was filed by Representative David Sawyer (D), and is cosponsored by Representatives Brandon Bick (R), Steve Kirby (D) and Cary Condotta (R). The measure “Provides 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.”

Read moreWA: House Judiciary Committee Approves Measure Explicitly Allowing Financial Institutions to Work with Marijuana Industry