H.R. 2215 · 115th Congress
SAFE Act of 2017
- Stage
- In committee
- Sponsor
- Ed Perlmutter
- Introduced
- 2017-04-27
- Latest action
- 2017-09-21 · Referred to the Subcommittee on Crime, Terrorism, Homeland Security, and Investigations.
Summary
Secure and Fair Enforcement Banking Act of 2017 or the SAFE Act of 2017
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 marijuana-related 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 marijuana-related business.