How does state law treat CPA and financial institutions regarding their interactions with clients licensed by - or pursuing licensure with -- the state under the MMFLA?
Except as otherwise provided, state law says that financial institutions are not subject to any of the following for providing a financial service to a licensee under the MMFLA nor are licensed certified public accountants subject to any of the following for engaging in the practice of public accounting for an applicant or licensee who is in compliance with the MMFLA (2016), rules, and the Michigan Medical Marihuana Act (2008):
- Criminal penalties under state law or local ordinances regulating marijuana.
- State or local civil prosecution based on a marijuana-related offense.
- State or local criminal prosecution based on a marijuana-related offense.
- Seizure of any real or personal property or anything of value based on a marijuana-related offense.
- Any sanction, including disciplinary action or denial of a right or privilege, by a business or occupational or professional licensing board or bureau based on a marijuana-related offense.
“Financial institution” means any of the following:
- A state or national bank.
- A state or federally chartered savings and loan association.
- A state or federally chartered savings bank.
- A state or federally chartered credit union.
- An insurance company.
- An entity that offers any of the following to a resident of this state: a mutual fund account, a securities brokerage account, a money market account, a retail investment account.
- An entity regulated by the Securities and Exchange Commission that collects funds from the public.
- An entity that is a member of the National Association of Securities Dealers and that collects funds from the public.
- Another entity that collects funds from the public.
“Financial service” means a deposit; withdrawal; transfer between accounts; exchange of currency; loan; extension of credit; purchase or sale of any stock, bond, certificate of deposit, or other monetary instrument; or any other payment, transfer, or delivery by, through, or to a financial institution, by whatever means effected.