Amendment ID: S2722-11

Amendment 11

Cannabis Credit Fairness

Ms. Miranda, Ms. Edwards and Messrs. Payano, Collins and Eldridge move that the proposed new text be amended SECTION __. Section 31 of S.2722 is hereby amended by:-

(a) in subsection (b), by striking out the words “60 days” and inserting in place thereof:- “90 days”;

(b) in subsection (b), by inserting after the sentence ending in the words “such licensee shall be delinquent with respect to such indebtedness.” the following sentence:- “A licensee shall not be deemed delinquent, and shall not be reported to or posted by the commission, on any indebtedness that is the subject of a good faith dispute or is being paid under a commission-approved payment plan, and no delinquency may be reported under this subsection unless the total undisputed indebtedness owed to the reporting licensee exceeds $25,000.”;

(c) in subsection (b), by striking out the words “shall notify” and inserting in place thereof the following words:- “may notify”;

(d) in subsection (b), by inserting after the words “upon finding it valid,” the following words:- “after providing the alleged delinquent licensee 14 days to cure or dispute the posting,”;

(e) in subsection (g), by adding the following sentence after the first sentence:- “Each incorrect posting of a licensee on the delinquent list shall constitute a separate violation.”;

(f) by striking out subsection (h) and inserting in place thereof the following subsection:-  “(h) The delinquent list shall be confidential supervisory information, shall not be a public record under clause Twenty-sixth of section 7 of chapter 4 or section 10 of chapter 66, and may be inspected only by a licensee or a duly authorized agent of a licensee, and by the commission and its licensing software provider for purposes of administering this section.”;

(g) in subsection (e), by adding the following sentence:- “For purposes of this subsection, execution of a commission-approved payment plan covering the indebtedness shall be treated as full discharge.”; and

(h) by adding the following subsection:- “This section shall apply only to credit for marijuana or marijuana products evidenced by invoices first issued on or after the later of (1) the date that is 365 days after the effective date of this act and (2) the effective date of regulations of the commission implementing this section. The commission shall promulgate such regulations, in accordance with chapter 30A, not later than 180 days after the effective date of this act.”

(i). by adding the following subsection:- “Section B and D shall only apply to social equity businesses three years after the effective date of regulations of the commission implementing this section.”