1. (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. (1) solely for providing the financial service; or
   2. (2) for further investing any income derived from the financial service.

2. (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. (1) solely for engaging in the business of insurance; or
   2. (2) for further investing any income derived from the business of insurance.
3. (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.

Added by Acts 2023, c. 254, § 5, eff. May 3, 2023; Acts 2023, c. 255, § 5, eff. May 3, 2023.