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STATE OF OKLAHOMA
1st Session of the 58th Legislature (2021)
HOUSE BILL 2812 By: Sneed
AS INTRODUCED
An Act relating to medical marijuana; prohibiting
certain currency for medical marijuana business
transactions; requiring performance bond s as medium
of exchange for certain transactions; requiring
performance bonds be issued by an insurance company;
directing the Insurance Commissioner to approve
certain insurance companies; requiring certain
contracts and access to the inventory tracking
system; authorizing the Commissioner to promulgate
rules; providing for codification; and providing an
effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be co dified
in the Oklahoma Statutes as Section 427.15A of Title 63, unless
there is created a duplication in numbering, reads as follows:
A. Beginning May 1, 2021, m edical marijuana busine sses, as
defined in paragraph 31 of Section 427.2 of Title 63 of the Ok lahoma
Statutes, shall not use coin or paper money or currency authorized
or adopted by a domestic or foreign government as a medium of
exchange for any transaction with another medical marijuana
business.
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B. Beginning May 1, 2021, e very transaction between medical
marijuana businesses subject to the inventory tracking system
established pursuant to Section 427.13 of Title 63 of the Oklahoma
Statutes shall use a performance bond or other surety or sureties as
approved by the Oklahoma Insurance Commissioner as the medium of
exchange.
C. The performance bonds shall be issued by an insurance
company licensed to transact insurance in this state and approved by
the Insurance Commissioner to issue performance bonds pursuant to
this section. The Insurance Commis sioner shall approve no more than
six insurers to issue performance bonds to medical marijuana
businesses. The approved insurers shall include:
1. At least one commercial insurer or an insurer that sells
insurance products that protect businesses, their owners and their
employers;
2. At least one insurer that sells insurance products that
protect manufacturers, traders and service providers; and
3. At least one insurance company owned or operated by a
federally recognized Indian tribe or nation.
D. The Oklahoma Medical Marijuana Authority shall contract with
the Insurance Department to provide access to the inventory tracking
system.
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E. The Oklahoma Insurance Commissioner may promulgate such
rules as may be necessary to implement the provisions of this
section.
SECTION 2. This act shall become effective November 1, 2021.
58-1-6826 AMM 01/15/21