HB5477 Summary

• Amends the Transmitters of Money Act to prohibit the Director of Financial Institutions from issuing enforcement orders against money transmitters solely because they provide financial services to cannabis-related legitimate businesses.

• Prevents the Director from prohibiting, penalizing, or discouraging money transmitters from offering financial services to cannabis-related legitimate businesses.

• Prohibits the Director from recommending, incentivizing, or encouraging money transmitters to deny, downgrade, or cancel financial services to account holders based on their ownership or operation of a cannabis-related legitimate business, or the transmitter's lack of knowledge about the account holder's cannabis business involvement.