A Look at Illinois House Bill HB 3953 on Cannabis Banking and Credit Union Act

Illinois lawmaker Rep. Kamblum Buckner is working to improve access to banking services for marijuana businesses by introducing a new bill, according to Marijuana moment report.

The purpose of the bill is to establish a procedure to license financial institutions so that they may provide cannabis businesses with banking services. In addition, the bill also provides provisions regarding an advisory board, application and licensure, authorizations, deposit insurance, banking services, prohibited practices, and operative conditions.

According to a report by the Hyde Park Herald, Buckner is also interested in developing a state charter bank bill that would allow private banks or credit unions to apply for a charter of limited purpose so that they may provide marijuana businesses with bank accounts. er