Assembly Actions -
Senate Actions - UPPERCASE
|Apr 12, 2022||
referred to investigations and government operations
Senate Bill S8758
2021-2022 Legislative Session
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2021-S8758 (ACTIVE) - Details
2021-S8758 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8758 SPONSOR: COONEY TITLE OF BILL: An act to amend the cannabis law, in relation to sharing information obtained from applicants and licensees SUMMARY OF SPECIFIC PROVISIONS: Section one authorizes the Office of Cannabis Management to share licen- see and applicant information with requesting financial institutions. Section two provides the effective date. JUSTIFICATION: Federal scheduling of cannabis creates challenges to banking licensed cannabis companies. Due to rigorous federal compliance rules and anti- money laundering laws, financial institutions face increased costs and little to no incentive to take on cannabis businesses as clients. A financial institution servicing a cannabis business must make a suspi-
2021-S8758 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8758 I N S E N A T E April 12, 2022 ___________ Introduced by Sen. COONEY -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the cannabis law, in relation to sharing information obtained from applicants and licensees THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 11 of the cannabis law is amended by adding a new subdivision 13 to read as follows: 13. TO SHARE ANY AND ALL INFORMATION OBTAINED FROM APPLICANTS AND LICENSEES, AS DEFINED IN SECTION THREE OF THIS CHAPTER, TO REQUESTING FINANCIAL INSTITUTIONS FOR THE PURPOSE OF CONSIDERATION AND COMPLIANCE. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15352-01-2
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