The bill establishes a framework for the creation and maintenance of a "restricted financial institution list" by the state treasurer, aimed at identifying financial institutions that engage in discriminatory practices against energy companies. It mandates that the state treasurer prepare and publish this list, which will include institutions that boycott energy companies without a reasonable business purpose. The bill outlines the process for notifying institutions prior to their inclusion on the list, as well as the opportunity for them to demonstrate compliance and be removed from it. Furthermore, it prohibits the state treasurer and state auditor from entering into banking contracts with any institution listed as restricted.

Additionally, the bill amends the definition of "discriminate" in current law to include actions intended to penalize or inflict economic harm on a company, thereby broadening the scope of discriminatory practices that could lead to a financial institution being placed on the restricted list. The act is set to take effect on July 1, 2023.

Statutes affected:
Introduced: 13-10-301