The Office of Administrative Law has approved the emergency action to readopt regulations implementing Assembly Bill 1525 (Jones-Sawyer, 2020). These regulations provide cannabis businesses the ability to authorize DCC to share licensee application and regulatory information with financial institutions.
These regulations provide a mechanism for financial institutions to more readily conduct the federally-required reviews of the cannabis business. By reducing the burden of providing financial services to cannabis businesses, more financial institutions may be willing to provide services, thereby reducing the need to keep cash on-hand and improving public safety.
View the regulations text and supporting documents:
During the rulemaking process, DCC made minor corrections to the text of the emergency regulations. These changes did not change the substance of the regulations. DCC also provided an addendum to the Finding of Emergency including additional information on progress to make these emergency regulations permanent.
OAL approved the readoption of the emergency regulations on August 2, 2021. They were filed with the Secretary of State and became effective on the same day.