ME LD880

Financial institutions must approve or deny services solely based on quantitative, impartial, risk-based financial standards established in advance, and cannot deny services in coordination with others or in ways that prevent market competition.

Applies to banks, trust companies, savings and loan associations, credit unions, savings banks, insurance companies, and other deposit-holding or investment service institutions.

Institutions using nonfinancial criteria such as ESG scores or DEI policies must disclose those standards to the Bureau of Financial Institutions and provide denied applicants with specific written explanations in bold 14-point font.

Violations carry a $10,000 fine per incident; five or more violations within 12 months constitutes a Class D crime.

The Superintendent of Financial Institutions is responsible for enforcement and rulemaking.