Assembly Bill A10488

2023-2024 Legislative Session

Establishes the Cannabis Community Reinvestment Act

download bill text pdf

Sponsored By

Current Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2023-A10488 (ACTIVE) - Details

See Senate Version of this Bill:
S1749
Current Committee:
Assembly Economic Development
Law Section:
Cannabis Law
Laws Affected:
Amd §3, add §62-a, Cannabis L; add §312, Fin Serv L
Versions Introduced in 2021-2022 Legislative Session:
S8738

2023-A10488 (ACTIVE) - Summary

Establishes the Cannabis Community Reinvestment Act; includes requirements for cannabis operators; includes the obligation to reinvest in communities disproportionately impacted by cannabis prohibition including, if applicable, the community such operator is located in; provides for the review of reinvestment plans by the department of financial services.

2023-A10488 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10488
 
                           I N  A S S E M B L Y
 
                               May 29, 2024
                                ___________
 
 Introduced by COMMITTEE ON RULES -- (at request of M. of A. Zinerman) --
   read once and referred to the Committee on Economic Development
 
 AN  ACT  to  amend  the  cannabis law and the financial services law, in
   relation to establishing the Cannabis Community Reinvestment Act
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. This act shall be known and cited as the "Cannabis Communi-
 ty Reinvestment Act".
   § 2. Section 3 of the cannabis law is amended by adding a new subdivi-
 sion 37-a to read as follows:
   37-A. "OPERATOR" MEANS A LICENSEE THAT ACTS AS A CANNABIS PRODUCER FOR
 THE  CULTIVATION OF CANNABIS, A CANNABIS PROCESSOR, A CANNABIS DISTRIBU-
 TOR AND/OR A CANNABIS RETAILER, PROVIDED THAT SUCH BUSINESS HAS OPERATED
 FOR AT LEAST TWO YEARS.
   § 3. The cannabis law is amended by adding a new section 62-a to  read
 as follows:
   §  62-A.  APPLICATIONS  BY  OPERATORS. ANY APPLICATION SUBMITTED BY AN
 OPERATOR SHALL INCLUDE A PLAN TO REINVEST IN COMMUNITIES  DISPROPORTION-
 ATELY  IMPACTED  BY  CANNABIS  PROHIBITION INCLUDING, IF APPLICABLE, THE
 COMMUNITY SUCH OPERATOR IS LOCATED IN. THE OPERATOR SHALL CONTRIBUTE  AT
 LEAST  TWO PERCENT OF THEIR ANNUAL PROFITS TO COMMUNITIES DISPROPORTION-
 ATELY IMPACTED PURSUANT TO PARAGRAPH (G) OF SUBDIVISION FIVE OF  SECTION
 EIGHTY-SEVEN  OF  THIS  ARTICLE. THE BOARD SHALL DETERMINE THE NECESSARY
 CRITERIA FOR SUCH PLAN AND SHALL ESTABLISH A SCORING SYSTEM TO DETERMINE
 IF SUCH OPERATORS HAVE FULFILLED THEIR OBLIGATION UNDER THIS SECTION.
   § 4. The financial services law is amended by adding a new section 312
 to read as follows:
   § 312. EVALUATION OF REINVESTMENT PLANS. THE DEPARTMENT SHALL EVALUATE
 THE PLANS BY OPERATORS, AS DEFINED IN SECTION THREE OF THE CANNABIS LAW,
 TO REINVEST IN SPECIFIED COMMUNITIES AND PROVIDE FOR THE ENFORCEMENT  OF
 THE CANNABIS COMMUNITY REINVESTMENT ACT, PURSUANT TO SECTION SIXTY-TWO-A
 OF  THE CANNABIS LAW, IN CONSULTATION WITH THE BOARD.  IF THE DEPARTMENT
 DETERMINES THAT AN OPERATOR IS FAILING TO PROPERLY  SERVE  DISADVANTAGED
 COMMUNITIES, SPECIFICALLY THE COMMUNITY THEY ARE SERVING, IF APPLICABLE,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.