Bill > LD880

This bill establishes new regulations for financial institutions to ensure nondiscrimination in providing financial services. The bill defines financial institutions broadly, including banks, credit unions, insurance companies, and other entities that provide financial, deposit, or investment services. Under the new law, financial institutions must offer services on a nondiscriminatory basis within their geographic market and can only approve or deny services based on quantitative, impartial, risk-based financial standards established in advance. They are prohibited from denying services in a way that would prevent a person from entering or competing in a market or that would benefit another business in which the financial institution has a financial interest. If a financial institution uses nonfinancial criteria like environmental, social, and governance (ESG) scores or diversity, equity, and inclusion (DEI) policies, they must disclose these criteria to the Bureau of Financial Institutions and provide detailed explanations to clients who are denied services. Violations of these requirements can result in fines of $10,000, and repeated violations within a 12-month period could lead to criminal charges. The superintendent of financial institutions is tasked with enforcing these new regulations and developing implementing rules.

Health and Social Services

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=880&snum=132