Section 5501 – Scope of chapter
§ 5501. Scope of chapter. This chapter relates to legitimate cannabis-related businesses.
Section 5502 – Definitions
§ 5502. Definitions. The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise: “Business associate.” A person that is a customer or supplier of goods or services to or for the benefit of a legitimate cannabis-related business or an […]
Section 5503 – Services to legitimate cannabis-related businesses
§ 5503. Services to legitimate cannabis-related businesses. (a) Authorization to provide financial services.–A financial institution authorized to engage in business in this Commonwealth may provide financial services to or for the benefit of a legitimate cannabis-related business and the business associates of a legitimate cannabis-related business subject to: (1) the laws and regulations applicable to […]
Section 5504 – Protections for financial institutions, insurers, legitimate cannabis-related businesses and business associates
§ 5504. Protections for financial institutions, insurers, legitimate cannabis-related businesses and business associates. (a) Actions of government agencies.–No agency or political subdivision of this Commonwealth may: (1) prohibit, penalize or otherwise discourage a financial institution or insurer from providing financial or insurance services to a legitimate cannabis-related business or the business associates of a legitimate […]
Section 5505 – Access to information
§ 5505. Access to information. (a) Voluntary disclosures.–Section 1307 of the act of April 17, 2016 (P.L.84, No.16), known as the Medical Marijuana Act, shall not prohibit the voluntary disclosure of any records or other information by a legitimate cannabis-related business, or a business associate to a financial institution or insurer, as necessary to obtain […]
Section 5506 – Required disclosures
§ 5506. Required disclosures. (a) Notification by legitimate cannabis-related business.–If a legitimate cannabis-related business obtains financial or insurance services from a financial institution or insurer doing business in this Commonwealth, the business shall, within five business days, provide notice to the financial institution or insurer if a cannabis-related permit, registration or certification held by the […]
Section 5507 – Regulations and statements of policy
§ 5507. Regulations and statements of policy. The Department of Banking and Securities and the Insurance Department may adopt statements of policy or regulations to implement this chapter and to provide guidance to financial institutions and insurers providing financial or insurance services to legitimate cannabis-related businesses and business associates of a legitimate cannabis-related business.