Updated: On April 4, 2016, Governor Brown signed the law, and it is now effective.
House Bill 4094 was passed by both the House and Senate, and now awaits Governor Brown’s signature. This provides financial institutions with an exemption from Oregon State criminal law for providing financial services to legal marijuana related services – possessing, delivering, or manufacturing marijuana or marijuana-derived products. It does not provide any exemption to federal law.
The Bill also requires the Oregon Liquor Control Commission, the Oregon Health Authority, and the Oregon Department of Revenue, provide information about the business and owners that will help the credit union enhance its customer due diligence and aid in SAR reporting. The departments can charge a fee for the information.
Once signed by Brown, the Bill takes effect.