Bill > H3296

This bill establishes the Farmers Protection Act, which prevents large financial institutions from discriminating against agriculture producers based on Environmental, Social, and Governance (ESG) factors. The legislation defines key terms such as "agriculture producer" (a person or company engaged in crop or livestock production) and "ESG factor" (considerations not directly related to financial risk, like greenhouse gas emissions or use of fossil-fuel machinery). Specifically, the bill prohibits financial institutions with over $100 billion in assets from denying or restricting financial services to agriculture producers solely because of ESG-related criteria. If a financial institution has made previous ESG commitments and then denies services to an agriculture producer, there is a legal presumption of discrimination, which the institution can only overcome by demonstrating that its decision was based purely on documented financial risk analysis. The South Carolina Attorney General is empowered to enforce this law, treating any violations as unfair trade practices, and aggrieved parties can seek damages. The bill will take effect upon the Governor's approval and includes a provision ensuring that if any part of the law is found unconstitutional, the remaining sections will remain valid.

Agriculture and Natural Resources

https://www.scstatehouse.gov/billsearch.php?billnumbers=3296&session=126&summary=B