News

May 30, 2018

The state Senate passed a bill this week to create a state charter for banks to serve California cannabis businesses, which would allow licensed merchants to write checks to pay taxes, fees and vendors — rather than use large amounts of cash, as they currently do.

SB930, by state Sen. Robert Hertzberg, D-Van Nuys, now heads to the Assembly.

Because marijuana is classified by the federal government as a Schedule 1 drug, federally insured financial institutions cannot process cannabis-related transactions without the risk of facing money laundering charges.

Senator Hertzberg’s SB 930 passes Senate Floor with bipartisan support

May 30, 2018

SACRAMENTO – Senator Bob Hertzberg, D-Van Nuys, announced today that his bill to establish a limited purpose state charter bank for use by licensed cannabis businesses passed on the Senate Floor.

Though Proposition 64 legalized adult-use cannabis in California, cannabis related businesses remain unable to deposit their income with federally-insured financial institutions, leading this $10 billion industry to operate mostly in cash.

Bill would tighten requirements for and authorize a study of the bail insurance market

May 29, 2018

SACRAMENTO – Senator Bob Hertzberg, D-Van Nuys, today announced that his legislation to further his ongoing examination of the state’s bail industry, Senate Bill 898, cleared the Senate Floor and is headed to the California State Assembly.

SB 898, which is co-authored by Assemblymember Rob Bonta (D-Oakland), shines a light on the bail industry’s lending practices by authorizing the Insurance Commissioner to examine the bail insurance market, their profits, and the relationship between the risk assumed by the insurer and the rates charged to those seeking a bail bond.

SB 1076 requires CalOES to make recommendations on ways to protect against attacks on our electrical grid

May 29, 2018

SACRAMENTO – Senator Bob Hertzberg, D-Van Nuys, announced today that the California State Senate took steps to prepare for the future and protect its residents by unanimously passing his bill, Senate Bill 1076.  

May 26, 2018

By S. Burr Eckstut and Ingrid Rechtin

California has taken a conservative step on the path to greater regulation of blockchain technology or legal recognition of blockchain-secured data.  On May 18, an amended bill was referred to the State Assembly Appropriations Committee for review that would provide for the establishment of a blockchain working group to evaluate “the potential uses, risks, and benefits of the use of blockchain technology by state government and California-based businesses.”  The amended bill also provides a legal definition of “blockchain.”[1]

SB 898 and SB 930 will be eligible for Senate floor votes next week 

May 25, 2018

SACRAMENTO – Legislation by Sen. Bob Hertzberg (D-Van Nuys) that would shine light on the bail industry’s predatory lending practices and establish the framework that would allow licensed cannabis businesses to open bank accounts passed the Senate Appropriations Committee today.

The following bills authored by Hertzberg passed out of Senate Appropriations and will be eligible for a Senate floor vote next week:

May 22, 2018

by Antoinette Siu

Consider these two scenarios: A family spends Saturday afternoon at the local shopping center, buying a new washing machine, summer sandals, children’s books and dog food. With every purchase, the state takes its cut, courtesy of California’s 7.25 percent sales tax.

Then consider a mid-sized advertising firm across town. It contracts with an accountant, a software developer, a lawyer and a cleaning service. Every time the company pays for these services, the state of California collects absolutely nothing.

May 22, 2018

By Jeff Powers

Democratic Senator and former Speaker of the Assembly, Bob Hertzberg, isn’t slowing down.

May 18, 2018

By Bettina Boxall

California cities and towns may find themselves on a water budget in the next decade under a pair of bills approved Thursday by the legislature.

The measures follow Gov. Jerry Brown's call to make water conservation a permanent way of life in a state long accustomed to jewel-green lawns and suburban tracts studded with swimming pools.

More than a year of legislative negotiations reflected the enduring conflicts over state and local control.

May 17, 2018

By Fiona Ma

President Donald Trump’s suggestion that he will leave states’ cannabis regulations alone should give hope to the millions of Californians who voted for Proposition 64 in 2016. Ideally, Trump would also push for wholesale changes in federal banking law that would allow the cannabis industry access to credit just like other legal businesses in the state.

But California can’t wait to take action. If elected state treasurer, my top priority will be banking for cannabis.

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