Senate Bill S1749

2023-2024 Legislative Session

Establishes the Cannabis Community Reinvestment Act

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Investigations And Government Operations 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

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2023-S1749 (ACTIVE) - Details

See Assembly Version of this Bill:
A10488
Current Committee:
Senate Investigations And Government Operations
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-S1749 (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-S1749 (ACTIVE) - Sponsor Memo

2023-S1749 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1749
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 13, 2023
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment Operations
 
 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05996-01-3
              

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