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Bill > HB0291


WY HB0291

Financial institution discrimination.


summary

Introduced
02/03/2025
In Committee
Crossed Over
Passed
Dead
03/03/2025

Introduced Session

2025 General Session

Bill Summary

AN ACT relating to banks, banking and finance; authorizing the secretary of state to prepare and maintain a list of financial institutions engaged in discrimination against energy companies; authorizing the secretary of state to publish the list upon vote of the board of deposits; specifying requirements for the list; requiring notice to a financial institution before being included on the list; providing opportunity for a financial institution to be removed from the list; requiring the state treasurer and state auditor to refuse to enter into a banking contract with a financial institution on the list once published; providing definitions; amending a definition related to firearms discrimination; and providing for an effective date.

AI Summary

This bill establishes a mechanism for the Wyoming Secretary of State to create and maintain a "restricted financial institution list" targeting banks that allegedly discriminate against energy companies, particularly those in the fossil fuel industry. Specifically, the bill defines a "boycott of energy companies" as a financial institution discriminating against an energy company for engaging in fossil fuel-based activities or doing business with such companies, without a reasonable business purpose. The Secretary of State must prepare this list, provide written notice to financial institutions before inclusion, and update it annually. Once a financial institution is on the list, the state treasurer and state auditor are prohibited from entering into or renewing banking contracts with that institution. The bill requires the Secretary of State to consider publicly available information when determining a financial institution's status, but cannot rely solely on statements by energy companies or media reports. Financial institutions can be removed from the list if they demonstrate they have ceased boycotting energy companies. The list must include a disclaimer that inclusion does not indicate unsafe operating conditions or risk to consumer deposits. The bill becomes effective on July 1, 2025, and broadly expands the definition of "discriminate" to include actions intended to penalize or limit commercial relations with a company.

Committee Categories

Budget and Finance

Sponsors (11)

Last Action

H:Died in Committee Returned Bill Pursuant to HR 5-4 (on 03/03/2025)

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