H.R.4711 - Industrial Hemp Banking Act115th Congress (2017-2018) |
|Sponsor:||Rep. Barr, Andy [R-KY-6] (Introduced 12/21/2017)|
|Committees:||House - Financial Services|
|Latest Action:||House - 12/21/2017 Referred to the House Committee on Financial Services. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.4711 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (12/21/2017)
Industrial Hemp Banking Act
This bill prohibits a federal banking regulator from: (1) terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate industrial hemp business; (2) prohibiting or otherwise discouraging a depository institution from offering financial services to such a business; (3) recommending, incentivizing, or encouraging a depository institution not to offer financial services to an account holder solely because the account holder is affiliated with such a business; or (4) taking any adverse or corrective supervisory action on a loan made to a person solely because the person either owns such a business or owns real estate or equipment leased to such a business.
As specified by the bill, a depository institution shall not, under federal law, be liable or subject to forfeiture for providing financial services to a legitimate industrial hemp business.