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25LSO-0324
2025
STATE OF WYOMING
25LSO-0324
Introduced
2.0
HOUSE BILL NO. HB0291
Financial institution discrimination.
Sponsored by: Representative(s) Bear, Allemand, Angelos, Campbell, K, Haroldson, Pendergraft, Smith, S and Webber and Senator(s) Ide, Laursen, D and Smith, D
A BILL
for
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.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1
.
W.S. 13
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10
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401 through 13
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10
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405 are created to read:
ARTICLE 4
RESTRICTED FINANCIAL INSTITUTION LIST
13
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10
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401.
Definitions.
(a)
As used in this article:
(i)
"Banking contract" means a contract entered into by the state treasurer or the state auditor and a financial institution to provide banking services to the state or any political subdivision thereof;
(ii)
"Boycott of energy companies" means a financial institution that, without a reasonable business or financial purpose, discriminates against an energy company because the company:
(A)
Engages in the exploration, production, use, transportation, sale or manufacturing of fossil fuel
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based energy;
(B)
Engages in the exploration, production, use, transportation, sale or manufacturing of fossil fuel
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based energy and does not commit or pledge to meet environmental standards beyond applicable federal and state law; or
(C)
Does business with a company that engages in the exploration, production, use, transportation, sale or manufacturing of fossil fuel
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based energy.
(iii)
"Company" means any sole proprietorship, organization, association, corporation, partnership, joint venture, limited partnership, limited liability partnership, limited liability company or other entity or business association, including all wholly owned subsidiaries, majority owned subsidiaries, parent companies or affiliates of those entities or business associations, which exist for the purpose of making profit;
(iv)
"Discriminate" means as defined in W.S. 13
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10
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301(a)(ii);
(v)
"Financial institution" means as defined in W.S. 13
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10
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301(a)(iii);
(vi)
"Reasonable business purpose" includes any purpose directly related to:
(A)
Promoting the financial success or stability of a financial institution;
(B)
Mitigating risk to a financial institution;
(C)
Complying with legal or regulatory requirements; or
(D)
Limiting liability of a financial institution.
(vii)
"Restricted financial institution" means a financial institution included in the most recently updated and posted restricted financial institution list;
(viii)
"Restricted financial institution list" means the list of financial institutions prepared, maintained and published pursuant to this article.
13
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10
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402.
Restricted financial institutions list.
(a)
The secretary of state shall prepare and maintain a list of financial institutions that are engaged in a boycott of energy companies.
The list prepared under this subsection shall be known as the "restricted financial institution list."
(b)
The secretary of state shall submit a copy of the restricted financial institution list to the board of deposits, the president of the senate and the speaker of the house of representatives.
Upon an affirmative vote by the board of deposits the secretary of state shall publicly post the restricted financial institution list on the secretary of state's official website.
(c)
A citation to this article and a brief summary of the purpose of the restricted financial institution list shall appear at the top of the restricted financial institution list, including a statement that inclusion on the restricted financial institution list is neither an indication of unsafe or unsound operating conditions of any financial institution nor an indication of any risk to consumer deposits.
(d)
The secretary of state shall update the restricted financial institution list annually, or more often as the secretary considers necessary, and submit the updated restricted financial institution list for approval according to subsection (b) of this section.
13
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10
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403.
Notice to financial institutions.
(a)
Not later than forty
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five (45) days before including a financial institution on the restricted financial institution list, the secretary of state shall send a written notice to the institution containing the following information:
(i)
That the secretary of state has determined that the financial institution is a restricted financial institution;
(ii)
That the financial institution will be placed on the restricted financial institution list in forty
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five (45) days unless, within thirty (30) days after receipt of the written notice, the restricted financial institution demonstrates that it is not engaged in a boycott of energy companies;
(iii)
That the restricted financial institution list is published on the secretary of state's official website;
(iv)
That the institution's placement on the restricted financial institution list may render the institution ineligible to enter into, or renew, banking contracts with the state of Wyoming.
(b)
After a restricted financial institution's inclusion on the restricted financial institution list, the secretary of state shall remove the institution from the restricted financial institution list if the institution demonstrates that it has ceased all activity that boycotts energy companies.
13
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10
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404.
Sources of information.
(a)
In determining whether to include a financial institution on the restricted financial institution list, the secretary of state shall consider and may rely upon any of the following information:
(i)
A financial institution's attestation that it is not engaged in a boycott of energy companies;
(ii)
Publicly available statements or information made by a financial institution, including statements by a member of a financial institution's governing body, an executive director of a financial institution or any other officer or employee of a financial institution with the authority to issue policy statements on behalf of a financial institution;
(iii)
Information published by a state or federal government entity.
(b)
In determining whether to include a financial institution on the restricted financial institution list, the secretary of state shall not rely solely on any of the following information:
(i)
Statements or complaints by an energy company;
(ii)
Media reports of a financial institution's boycott of energy companies.
(c)
A financial institution shall not be compelled to produce or disclose any data or information deemed confidential, privileged or otherwise protected from disclosure by state or federal law.
13
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10
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405.
Restricted financial institutions.
(a)
The state treasurer and the state auditor shall refuse to enter into a new banking contract or renew an existing banking contract with a restricted financial institution.
(b)
The state treasurer and the state auditor shall require, as a term of any banking contract, an agreement by the financial institution not to engage in a boycott of energy companies for the duration of the contract.
Section 2.
W.S. 13
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10
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301(a)(ii) by creating a new subparagraph (D) and by renumbering (D) as (E) is amended to read:
13
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10
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301.
Definitions.
(a)
As used in this article:
(ii)
"Discriminate" means to:
(D)
Take action that is intended to penalize, inflict economic harm on or limit commercial relations with a company;
(D)
(E)
Otherwise unlawfully discriminate against a person.
Section 3
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This act is effective July 1, 2025
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(END)
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HB0291