Illinois Bills Aim to Ease State Banking Regulations on Marijuana Businesses
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Illinois Bills Aim to Ease State Banking Regulations on Marijuana Businesses

The state treasurer supports legislation that would prohibit state banking regulators from punishing banks that provide basic services to legitimate cannabis-related businesses.

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March 20, 2019

SPRINGFIELD -- Supporters of legalized marijuana in Illinois have launched efforts aimed at making it easier for legitimate businesses that sell the product to have bank accounts and accept credit card transactions.

State Treasurer Michael Frerichs, a Democrat, said Monday he supports legislation in the General Assembly that would prohibit state banking regulators from punishing banks or credit unions that provide basic banking services to legitimate cannabis-related businesses.

He also said he is joining with other state treasurers around the country in lobbying Congress for changes in federal laws that prohibit banks from doing business with the cannabis industry.

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