SB 716 - This act provides that banks, trust companies, associations, and credit unions shall not be prohibited, penalized, have any adverse action taken against it, or otherwise discouraged from providing financial services to facilities licensed or certified under Article XIV, Section 1 of the Constitution of Missouri relating to medical marijuana or to any service provider to such a facility.
The act allows any entity that operates as a facility licensed or certified under Article XIV, Section 1 of the Constitution of Missouri to request in writing that a state or local licensing authority or agency, including but not limited to the Department of Health and Senior Services or Department of Revenue, share the entity's application, license, or other regulatory and financial information with a banking institution. Such written request must include a waiver giving authorization for the transfer of the individualized data, information, or records and waiving any confidentiality or privilege that applies to that individualized data, information, or records. A state or local licensing authority or agency is permitted to share the entity's information with the banking institution's state and federal supervisory agencies as well.
This act is identical to SCS/SB 489 (2021) and similar to HB 1017 (2021).