NJ S1789

Financial institutions and insurers authorized in New Jersey may provide services to legitimate cannabis-related businesses and their business associates, subject to applicable laws, consumer protections, and regulatory requirements.

State agencies and political subdivisions are prohibited from penalizing, discouraging, or taking adverse supervisory action against financial institutions or insurers for serving cannabis businesses or their associates.

Financial institutions, insurers, and their directors, officers, employees, and shareholders are protected from criminal prosecution, sanctions, or damage claims solely for providing services to legitimate cannabis businesses.

Cannabis businesses must notify their financial institutions or insurers within five business days if any license, permit, or certification is suspended or revoked, with civil penalties up to $500 per day (maximum $25,000) for failure to notify.

The Department of Banking and Insurance is authorized to adopt rules and regulations to implement the act.