The bill amends the Banking Code of 1999 by adding a new section, 4101a, which prohibits banks from denying, restricting, or canceling financial services to agriculture producers based on their greenhouse gas emissions, use of fossil fuel-derived fertilizers, or fossil fuel-powered machinery. If a bank takes such actions while having made an environmental, social, and governance (ESG) commitment, it is presumed to be in violation of this provision. The bill outlines that evidence of a bank's ESG commitment can include advertising, public statements, and participation in initiatives aimed at promoting environmental or social goals.

Additionally, the bill establishes that banks can rebut this presumption by providing clear evidence that their actions were based solely on ordinary business purposes unrelated to ESG commitments. Violations of this section can result in civil fines of up to $10,000. The bill also defines key terms such as "agriculture producer," "environmental, social, and governance commitment," and "financial service" to clarify the scope of the new regulations.

Statutes affected:
House Introduced Bill: 487.11101, 487.15105