Second Regular Session
              Sixty-eighth General Assembly
                    STATE OF COLORADO
                                                 INTRODUCED
                                                           
                                                           
 LLS NO. 12-0221.01 Michael Dohr x4347   SENATE BILL 12-075
                   SENATE SPONSORSHIP
 Steadman, Spence
 
                    HOUSE SPONSORSHIP
 Massey, 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Senate Committees
 House Committees
 
 
 Finance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                         A BILL FOR AN ACT
       Concerning a financial cooperative organized exclusively
            for medical marijuana financial operations.
       
       
                           Bill Summary
       
            (Note: This summary applies to this bill as introduced and does
       not reflect any amendments that may be subsequently adopted. If this bill
       passes third reading in the house of introduction, a bill summary that
       applies to the reengrossed version of this bill will be available at
       http://www.leg.state.co.us/billsummaries.)
       
            The bill establishes the authority for a group of medical marijuana
       licensees or registered medical marijuana patients or both to form an
       exclusive financial cooperative (financial cooperative). The financial
       cooperative shall be subject to all of the regulatory provisions for credit
       unions except that:
                 It shall not be allowed to use the term "credit union"; and
                  It shall maintain applicable share insurance or comparable
                 insurance. 
       "Comparable insurance" is defined as a non-federally backed policy of
       insurance from an insurance company, which policy does not insure
       against seizure from the federal government, or self-insurance reasonably
       accepted by the commissioner.
            A member of a financial cooperative who is no longer licensed or
       registered may still remain as a member of the cooperative. The
       commissioner shall promulgate rules regarding a notice to all prospective
       members and members of a financial cooperative regarding the
       differences between the cooperative and other state financial institutions.
       
       
       
       Be it enacted by the General Assembly of the State of Colorado:
            SECTION 1.  In Colorado Revised Statutes, add article 30.5 to
       title 11 as follows:
                           ARTICLE 30.5
           Medical Marijuana Financial Cooperatives Act
            11-30.5-101. Short title. This article shall be known and may
       be cited as the "Medical Marijuana Financial Cooperatives Act".
            11-30.5-102. Establishment - article 30 applicable -
       membership - rule-making authority. (1)  A financial cooperative
       may be established pursuant to this article for, and limited to,
       an exclusive organization, ownership, and membership having a
       common bond of individual or business licensure in good
       standing from the executive director of the state licensing
       authority created in section 12-43.3-201, C.R.S., or a registry
       identification card pursuant to section 25-1.5-106 (9), C.R.S., or
       both.
            (2)  A financial cooperative established pursuant to this
       article shall comply with the provisions of article 30 of this
       title and shall be subject to the authority of the state
       commissioner of financial services, referred to in this article as
       the "commissioner".
            (3)  A member of a financial cooperative established
       pursuant to this article may remain as a member if the individual
       is no longer licensed by the state licensing authority created in
       section 12-43.3-201, C.R.S., or if the individual no longer has a
       registry identification card pursuant to section 25-1.5-106 (9),
       C.R.S.
            (4)  The commissioner shall promulgate rules for a notice
       that shall be provided to each prospective member and member
       of a financial cooperative established pursuant to this article
       regarding the differences between the financial cooperative
       and other state financial institutions.
            11-30.5-103. Article 30 exceptions. (1)  A financial
       cooperative established pursuant this article shall not refer to
       itself as a "credit union" nor use the term "credit union" to
       describe itself in any documents related to the financial
       cooperative.
            (2) (a)  The provisions of section 11-30-117.5 (1) (a) do not
       apply to a financial cooperative established pursuant this
       article. A financial cooperative established pursuant to this
       article shall apply for and maintain insurance on its shares and
       deposits as provided by the national credit union administration
       board under section 201 of the "Federal Credit Union Act", 12
       U.S.C. sec. 1781, or comparable insurance approved by the
       commissioner.
            (b)  For purposes of this subsection (2), "comparable
       insurance" means a non-federally backed policy of insurance
       from an insurance company, which policy does not insure against
       seizure from the federal government, or self-insurance
       reasonably accepted by the commissioner.
            SECTION 2.  Safety clause. The general assembly hereby finds,
       determines, and declares that this act is necessary for the immediate
       preservation of the public peace, health, and safety.