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.”

The full text of House Bill 2098 – which was approved by the House Judiciary Committee by a vote of 10 to 3 – can be found by clicking here.

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