{"id":278,"date":"2020-11-03T17:55:34","date_gmt":"2020-11-03T17:55:34","guid":{"rendered":"https:\/\/sites.sandiego.edu\/cpil-blog\/?p=278"},"modified":"2020-11-03T17:55:34","modified_gmt":"2020-11-03T17:55:34","slug":"ab-1525-providing-financial-services-to-the-cannabis-industry-signed-into-law","status":"publish","type":"post","link":"https:\/\/sites.sandiego.edu\/cpil-blog\/2020\/11\/03\/ab-1525-providing-financial-services-to-the-cannabis-industry-signed-into-law\/","title":{"rendered":"AB 1525, Providing Financial Services to the Cannabis Industry, Signed into Law"},"content":{"rendered":"<h3>By Connor Greth<\/h3>\n<p><strong><a href=\"https:\/\/leginfo.legislature.ca.gov\/faces\/billNavClient.xhtml?bill_id=201920200AB1525\">AB 1525 (Jones-Sawyer)<\/a><\/strong>, as amended August 21, 2020, adds Chapter 24 (commencing with section 26260) to Division 10 of the Business and Professions Code to establish a safe harbor under California law for financial institutions and accountants that provide services to the cannabis industry. Specifically, as it relates to the accounting profession, new section 26260(d) provides that an individual or firm that practices public accounting pursuant to Chapter 1 of Division 3 of the Business and Professions Code \u201cdoes not commit a crime under California law solely for providing professional accounting services . . . to persons licensed to engage in commercial cannabis activity.\u201d<\/p>\n<p>At its September 26\u201327, 2019 <a href=\"https:\/\/perma.cc\/Y96A-UG8D\">meeting<\/a>, the California Board of Accountancy (CBA) voted to support a previous version of AB 1525 if amended to more expressly cover all of the Board\u2019s licensees\u2014including \u201cpublic accountants, certified public accountants, accounting firms, and out-of-state individuals and firms authorized to practice pursuant California\u2019s mobility laws\u201d. It submitted a <a href=\"https:\/\/drive.google.com\/file\/d\/18Tv1Nc8CfCKGmNY44qnOkvKuRWUan5yM\/view?usp=sharing\">letter to the author<\/a>, [Agenda Item X.B.3.e.; Attachment 2] setting forth CBA\u2019s proposed amendment on September 26, 2019.<\/p>\n<p>On January 16, 2020, the bills\u2019 author amended AB 1525 to include the CBA\u2019s proposed text, which was maintained until the bill was passed. On September 10, 2020, CBA sent a <a href=\"https:\/\/perma.cc\/AU9H-HWPR\">letter of support<\/a> to Governor Newsom, requesting his signature on AB 1525.<\/p>\n<p>Governor Newsom signed AB 1525 on September 29, 2020. (Chapter 270, Statutes of 2020).<\/p>\n<a class=\"synved-social-button synved-social-button-follow synved-social-size-32 synved-social-resolution-single synved-social-provider-facebook nolightbox\" data-provider=\"facebook\" target=\"_blank\" rel=\"nofollow\" title=\"Follow us on Facebook\" href=\"https:\/\/www.facebook.com\/CPILUSD\" style=\"font-size: 0px;width:32px;height:32px;margin:0;margin-bottom:5px;margin-right:5px\"><img loading=\"lazy\" decoding=\"async\" alt=\"Facebook\" title=\"Follow us on Facebook\" class=\"synved-share-image synved-social-image synved-social-image-follow\" width=\"32\" height=\"32\" style=\"display: inline;width:32px;height:32px;margin: 0;padding: 0;border: none;box-shadow: none\" src=\"https:\/\/sites.sandiego.edu\/cpil-blog\/wp-content\/plugins\/social-media-feather\/synved-social\/addons\/extra-icons\/image\/social\/circle\/64x64\/facebook.png\" \/><\/a><a class=\"synved-social-button synved-social-button-follow synved-social-size-32 synved-social-resolution-single synved-social-provider-twitter nolightbox\" data-provider=\"twitter\" target=\"_blank\" rel=\"nofollow\" title=\"Follow us on Twitter\" href=\"https:\/\/twitter.com\/cpilusd\" style=\"font-size: 0px;width:32px;height:32px;margin:0;margin-bottom:5px\"><img loading=\"lazy\" decoding=\"async\" alt=\"twitter\" title=\"Follow us on Twitter\" class=\"synved-share-image synved-social-image synved-social-image-follow\" width=\"32\" height=\"32\" style=\"display: inline;width:32px;height:32px;margin: 0;padding: 0;border: none;box-shadow: none\" src=\"https:\/\/sites.sandiego.edu\/cpil-blog\/wp-content\/plugins\/social-media-feather\/synved-social\/addons\/extra-icons\/image\/social\/circle\/64x64\/twitter.png\" \/><\/a>","protected":false},"excerpt":{"rendered":"<p>By Connor Greth AB 1525 (Jones-Sawyer), as amended August 21, 2020, adds Chapter 24 (commencing with section 26260) to Division 10 of the Business and Professions Code to establish a safe harbor under California law for financial institutions and accountants <a class=\"more-link\" href=\"https:\/\/sites.sandiego.edu\/cpil-blog\/2020\/11\/03\/ab-1525-providing-financial-services-to-the-cannabis-industry-signed-into-law\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1013,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[132904,9881],"tags":[136723,133037,134363,136725,133036,134310,136724],"coauthors":[132864],"class_list":["post-278","post","type-post","status-publish","format-standard","hentry","category-board-of-accountancy","category-legislation","tag-ab1525","tag-accountants","tag-board","tag-cannabis","tag-cba","tag-governor-newsom","tag-jones-sawyer"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - 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