§ 36-1505

Maryland § 36-1505

• Jurisdiction: Maryland
• Article gab: Alcoholic Beverages and Cannabis
• Title: 36

Text

(a) With respect to providing a financial service to a cannabis business or a service provider, a depository institution, entity performing a financial service for or in association with a depository institution, or insurer that provides a financial service to a cannabis business or service provider, and the officers, directors, and employees of that depository institution, entity, or insurer may not be held liable under any State law or regulation:

(1) solely for providing the financial service; or

(2) for further investing any income derived from the financial service.

(b) An insurer that engages in the business of insurance with a cannabis business or service provider or that otherwise engages with a person in a transaction allowed under State law related to cannabis, and the officers, directors, and employees of that insurer may not be held liable under State law or regulation:

(1) solely for engaging in the business of insurance; or

(2) for further investing any income derived from the business of insurance.

(c) A depository institution that has a legal interest in the collateral for a loan or another financial service provided to an owner, employee, or operator of a cannabis business or service provider, or to an owner or operator of real estate or equipment that is leased or sold to a cannabis business or service provider, may not be subject to criminal, civil, or administrative forfeiture of that legal interest under State law for providing the loan or other financial service.