Bill > SB1536

This bill, the Energy Discrimination Elimination Act of 2022, establishes several key provisions. It defines a "boycott energy company" as a company that takes certain actions against another company engaged in fossil fuel-based energy activities without an ordinary business purpose. The bill exempts state governmental entities and the State Treasurer from conflicting obligations when taking actions to comply with the Act, but allows the Treasurer to seek an Attorney General opinion if the Treasurer disagrees with a state governmental entity's determination. The bill also requires the State Treasurer to maintain a list of financial companies that boycott energy companies, and it mandates that state governmental entities divest from and cease acquiring securities of those listed companies, with limited exceptions. Finally, the bill prohibits state governmental entities from entering into certain contracts with companies that boycott energy companies, with some exemptions. The effective date of the bill is November 1, 2024.