PLEASE NOTE: Legislative Information cannot perform research, provide legal advice, or interpret Maine law. For legal assistance, please contact a qualified attorney.
An Act To Allow State-chartered Credit Unions To Service Medical and Adult Use Marijuana Business Accounts
Emergency preamble. Whereas, acts and resolves of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and
Whereas,  although medical and adult use marijuana is legal in the State of Maine, the ability of entities engaged in the sale or distribution of marijuana and marijuana products to deposit funds from the business in a federally insured financial institution is restricted; and
Whereas,  this restriction on the ability to use a financial institution for the deposit of funds creates a dangerous situation for these entities; and
Whereas,  it is necessary and beneficial to these entities and society as a whole that these entities have a place to deposit funds from a marijuana-related business as soon as possible; and
Whereas,  in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore,
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 9-B MRSA §836, sub-§1, as amended by PL 1997, c. 108, §12, is further amended to read:
 
1. Requirement.  EveryExcept as provided in subsection 5, a credit union authorized to do business in this State shall insure shares with the National Credit Union Administration or the successor to such federal agency.
Sec. 2.  9-B MRSA §836, sub-§5  is enacted to read:
 
5.  Insurance from other sources.     A credit union authorized to do business in this State may insure shares with a licensed private mutual share guaranty corporation to facilitate the provision of member services to:
 
A.  A registered dispensary or registered caregiver authorized under Title 22, chapter 558-C;
 
B.  A licensee authorized under Title 28-B, chapter 1; or
 
C.  An employee of a registered dispensary, registered caregiver or licensee described in paragraph A or B.
Emergency clause.  In view of the emergency cited in the preamble, this legislation takes effect when approved.
 
SUMMARY
This bill allows state-chartered credit unions to procure private insurance in lieu of share insurance from the National Credit Union Administration to facilitate the provision of financial services to registered dispensaries or registered caregivers authorized under the Maine Medical Use of Marijuana Act, to entities licensed under the Marijuana Legalization Act and to their employees.