HB 190 Summary

• Requires credit unions and banks designated as state depositories to certify they are not engaged in and will not engage in boycotts of individuals or companies involved in fossil fuels, timber, minerals, hydroelectric power, nuclear energy, agriculture, or firearms.

• Defines "boycott" as refusing to offer financial services, terminating business, or taking action intended to penalize or harm an entity because of its business sector or refusal to meet standards beyond federal and state law.

• Allows the state treasurer to revoke depository designations if institutions engage in prohibited boycott activities, with 60 days' prior written notice and opportunity to refute; decisions may be appealed to district court within 28 days.

• Exempts the boycott requirement if compliance would conflict with the treasurer's constitutional or statutory duties or prevent the state from fulfilling its legal obligations.

• Becomes effective July 1, 2023.