SB 930 Summary

• Creates the Cannabis Limited Charter Banking and Credit Union Law allowing state-licensed cannabis businesses to access banking services through specially chartered banks and credit unions administered by the Commissioner of Business Oversight.

• Establishes the Cannabis Limited Charter Bank and Credit Union Advisory Board composed of the Treasurer, Controller, and Chief of the Bureau of Cannabis Control to oversee implementation and provide guidance on cannabis banking services.

• Authorizes cannabis limited charter banks and credit unions to issue special purpose checks usable only for state and local tax payments, rent on cannabis business property, California vendor payments, and purchasing state and local bonds.

• Requires licensees to comply with Bank Secrecy Act requirements and prohibits cannabis limited charter institutions from conducting banking activity with non-licensed financial institutions or engaging in unauthorized banking activities.

• Delays issuance of licenses until July 1, 2019, pending adoption of emergency regulations and legislative review; permits earlier licensing if regulations are adopted and both the Senate Committee on Banking and Financial Institutions and Senate Committee on Governance and Finance approve implementation.