NY State Senate Bill 2023-S1047

Current Bill Status Via A7388 - Signed by Governor

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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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Nov 17, 2023	signed chap.647
Nov 13, 2023	delivered to governor
Jun 06, 2023	returned to assembly passed senate 3rd reading cal.1623 substituted for s1047a
Jun 06, 2023	substituted by a7388 ordered to third reading cal.1623 committee discharged and committed to rules
May 23, 2023	print number 1047a
May 23, 2023	amend and recommit to investigations and government operations
Jan 09, 2023	referred to investigations and government operations

Votes

- Jun 6, 2023 - Floor Vote
  A7388
  
  57
  
  Aye
  
  5
  
  Nay
  
  0
  
  Absent
  
  1
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 6, 2023
      
      aye (57)
      
      Addabbo Jr.
      
      Ashby
      
      Bailey
      
      Borrello
      
      Breslin
      
      Brisport
      
      Brouk
      
      Chu
      
      Cleare
      
      Comrie
      
      Cooney
      
      Fernandez
      
      Gallivan
      
      Gianaris
      
      Gonzalez
      
      Gounardes
      
      Griffo
      
      Harckham
      
      Helming
      
      Hinchey
      
      Hoylman-Sigal
      
      Jackson
      
      Kavanagh
      
      Kennedy
      
      Krueger
      
      Lanza
      
      Liu
      
      Mannion
      
      Mattera
      
      May
      
      Mayer
      
      Murray
      
      Myrie
      
      O'Mara
      
      Oberacker
      
      Ortt
      
      Palumbo
      
      Parker
      
      Persaud
      
      Ramos
      
      Rivera
      
      Rolison
      
      Ryan
      
      Salazar
      
      Sanders Jr.
      
      Scarcella-Spanton
      
      Sepúlveda
      
      Serrano
      
      Skoufis
      
      Stavisky
      
      Stec
      
      Stewart-Cousins
      
      Tedisco
      
      Thomas
      
      Walczyk
      
      Webb
      
      Weber
      
      nay (5)
      
      Canzoneri-Fitzpatrick
      
      Martinez
      
      Martins
      
      Rhoads
      
      Weik
      
      excused (1)
      
      Felder
  Jun 6, 2023 - Rules Committee Vote
  S1047
  
  17
  
  Aye
  
  0
  
  Nay
  
  4
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Jun 6, 2023
      
      aye (17)
      
      Addabbo Jr.
      
      Bailey
      
      Breslin
      
      Comrie
      
      Fernandez
      
      Gallivan
      
      Gianaris
      
      Kennedy
      
      Krueger
      
      Liu
      
      Mayer
      
      O'Mara
      
      Ortt
      
      Parker
      
      Sepúlveda
      
      Stewart-Cousins
      
      Thomas
      
      aye wr (4)
      
      Griffo
      
      Helming
      
      Lanza
      
      Stec

Bill Amendments

Original

A (Active)

2023-S1047 - Details

Law Section:: Cannabis Law
Laws Affected:: Amd §11, Cannabis L
Versions Introduced in 2021-2022 Legislative Session:: S8758

2023-S1047 - Summary

Relates to sharing information obtained from applicants and licensees and requesting financial institutions for the purpose of consideration and compliance.

2023-S1047 - Sponsor Memo

                                 
BILL NUMBER: S1047

SPONSOR: COONEY
 
TITLE OF BILL:

An act to amend the cannabis law, in relation to sharing information
obtained from applicants and licensees

 
SUMMARY OF SPECIFIC PROVISIONS:

Section one authorizes the Office of Cannabis Management to share licen-
see and applicant information with requesting financial institutions.

Section two provides the effective date.

 
JUSTIFICATION:

Federal scheduling of cannabis creates challenges to banking licensed
cannabis companies. Due to rigorous federal compliance rules and anti-
money laundering laws, financial institutions face increased costs and
little to no incentive to take on cannabis businesses as clients. A
financial institution servicing a cannabis business must make a suspi-

cious activity report for every transaction the client makes with the
bank. The costly burden imposed by additional compliance and reporting
measures prevents most financial institutions from banking cannabis
companies, even if they want to.

This legislation authorizes the Office of Cannabis Management to
disclose information about licensees and applicants to financial insti-
tutions requesting information. This will allow financial institutions
to have access to verify personal and financial information for their
prospective cannabis clients. It will improve the 'Know Your Customer'
compliance and make it easier and less costly for financial institutions
who want to bank cannabis businesses to comply with the federal report-
ing.

Access to financial services is not just an economic issue, it also
impacts public safety. Cash businesses are more readily exploited for
money laundering and other nefarious purposes, which undermines the
public policy goal of creating safe, legal and regulated markets.  Addi-
tionally, it creates personal safety risks for the cannabis workers
handling the large amounts of cash. This legislation furthers the social
equity goals set in the MRTA by removing some of the financial and
systemic barriers that can prevent individuals from actually participat-
ing in the market safely.

 
PRIOR LEGISLATIVE HISTORY:

2021-22: S.875B

 
FISCAL IMPLICATION:

To be determined.

 
EFFECTIVE DATE:;
This act shall take effect immediately.

2023-S1047 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1047
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              January 9, 2023
                                ___________
 
 Introduced  by  Sen.  COONEY -- 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, in  relation  to  sharing  information
   obtained from applicants and licensees

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 11 of the cannabis law is amended by adding  a  new
 subdivision 13 to read as follows:
   13.  TO  SHARE  ANY  AND  ALL INFORMATION OBTAINED FROM APPLICANTS AND
 LICENSEES, AS DEFINED IN SECTION THREE OF THIS  CHAPTER,  TO  REQUESTING
 FINANCIAL INSTITUTIONS FOR THE PURPOSE OF CONSIDERATION AND COMPLIANCE.
   § 2. This act shall take effect immediately.
 
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02681-01-3

2023-S1047A (ACTIVE) - Details

Law Section:: Cannabis Law
Laws Affected:: Amd §11, Cannabis L
Versions Introduced in 2021-2022 Legislative Session:: S8758

2023-S1047A (ACTIVE) - Summary

Relates to sharing information obtained from applicants and licensees and requesting financial institutions for the purpose of consideration and compliance.

2023-S1047A (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S1047A

SPONSOR: COONEY
 
TITLE OF BILL:

An act to amend the cannabis law, in relation to sharing information
obtained from applicants and licensees

 
SUMMARY OF SPECIFIC PROVISIONS:

Section one authorizes the Office of Cannabis Management to share licen-
see and applicant information with requesting financial institutions,
with the consent of such applicants and licensees.

Section two provides the effective date.

 
JUSTIFICATION:

Federal scheduling of cannabis creates challenges to banking licensed
cannabis companies. Due to rigorous federal compliance rules and anti-
money laundering laws, financial institutions face increased costs and
little to no incentive to take on cannabis businesses as clients. A

financial institution servicing a cannabis business must make a suspi-
cious activity report for every transaction the client makes with the
bank. The costly burden imposed by additional compliance and reporting
measures prevents most financial institutions from banking cannabis
companies, even if they want to.

This legislation authorizes the Office of Cannabis Management to
disclose information about licensees and applicants to financial insti-
tutions requesting information, when the applicant or licensee consents.
This will allow financial institutions to have access to verify personal
and financial information for their prospective cannabis clients. It
will improve the 'Know Your Customer' compliance and make it easier and
less costly for financial institutions who want to bank cannabis busi-
nesses to comply with the federal reporting.

Access to financial services is not just an economic issue, it also
impacts public safety. Cash businesses are more readily exploited for
money laundering and other nefarious purposes, which undermines the
public policy goal of creating safe, legal and regulated markets.

Additionally, it creates personal safety risks for the cannabis workers
handling the large amounts of cash. This legislation furthers the social
equity goals set in the MRTA by removing some of the financial and
systemic barriers that can prevent individuals from actually participat-
ing in the market safely.

 
PRIOR LEGISLATIVE HISTORY:

2021-22: S.875B

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2023-S1047A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1047--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              January 9, 2023
                                ___________
 
 Introduced  by  Sen.  COONEY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment  Operations  --  committee  discharged,  bill  amended,   ordered
   reprinted as amended and recommitted to said committee
 
 AN  ACT  to  amend  the cannabis law, in relation to sharing information
   obtained from applicants and licensees
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section 11 of the cannabis law is amended by adding a new
 subdivision 16 to read as follows:
   16. TO SHARE ANY AND ALL  INFORMATION  OBTAINED  FROM  APPLICANTS  AND
 LICENSEES,  AS  DEFINED  IN SECTION THREE OF THIS CHAPTER, TO REQUESTING
 FINANCIAL INSTITUTIONS FOR THE PURPOSE OF CONSIDERATION AND  COMPLIANCE,
 WITH THE CONSENT OF SUCH APPLICANTS AND LICENSEES.
   § 2. This act shall take effect immediately.
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02681-04-3

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Senate Bill S1047

Sponsored By

Current Bill Status Via A7388 - Signed by Governor

Jun 6, 2023 - Floor Vote

Floor Vote: Jun 6, 2023

Jun 6, 2023 - Rules Committee Vote

Rules Committee Vote: Jun 6, 2023

Bill Amendments

2023-S1047 - Details

2023-S1047 - Summary

2023-S1047 - Sponsor Memo

2023-S1047 - Bill Text download pdf

2023-S1047A (ACTIVE) - Details

2023-S1047A (ACTIVE) - Summary

2023-S1047A (ACTIVE) - Sponsor Memo

2023-S1047A (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S1047

Share this bill

Sponsored By

Jeremy A. Cooney

Current Bill Status Via A7388 - Signed by Governor

Bill Amendments

2023-S1047 - Details

2023-S1047 - Summary

2023-S1047 - Sponsor Memo

2023-S1047 - Bill Text download pdf

2023-S1047A (ACTIVE) - Details

2023-S1047A (ACTIVE) - Summary

2023-S1047A (ACTIVE) - Sponsor Memo

2023-S1047A (ACTIVE) - Bill Text download pdf

Comments