The bill amends the Savings Bank Act of 1996 by updating the supervisory fee structure and introducing new regulations regarding financial services provided to agriculture producers. It specifies that the supervisory fees for savings banks must not exceed 25 cents per $1,000 of total assets, with a minimum annual fee of $1,000. The bill also mandates that the commissioner provide an invoice for these fees by July 1 each year, with payment due by August 15. Additionally, it establishes that fees for applications and evaluations must reflect the estimated costs incurred by the bureau, and it allows the commissioner to take action against savings banks for unpaid fees, penalties, or fines.

Furthermore, the bill introduces a new section that prohibits savings banks from denying, restricting, or canceling financial services to agriculture producers based on their greenhouse gas emissions or use of fossil fuel-derived products. If a savings bank has made an environmental, social, and governance commitment, any denial of service is presumed to violate this provision unless the bank can provide clear evidence of a legitimate business reason for the action. Violations of this section may result in civil fines of up to $10,000. The bill also defines key terms related to agriculture producers and financial services, ensuring clarity in its application.

Statutes affected:
House Introduced Bill: 487.3210