WVEL News Scope Now: Illinois Bill Protects State Banks Serving Cannabis-Related Businesses

(Photo By Flickr User Adrian Berg)

 

The Illinois Senate passed a bill on last week that would prohibit state banking regulators from penalizing or dissuading banks and credit unions from serving cannabis-related businesses.

Senate Bill 2023 passed unanimously with a 50-0 vote.

It updates banking rules to allow banks to do business with the cannabis industry if they choose.

A press release states Illinois State Treasurer Michael Frerichs championed the legislation.

“We are one step closer to preventing state banking regulators from penalizing banks or credit unions for allowing legal cannabis businesses to manage their financial transactions like every other legitimate business in the state,” Frerichs said.

Senator Toi Hutchinson sponsored Senate Bill 2023.

(Information Courtesy Of WGEM-TV)