MI HB5238

Prohibits banks from denying, restricting, or canceling financial services to agriculture producers based on greenhouse gas emissions, use of fossil fuel-derived fertilizer, or use of fossil fuel-powered machinery

Creates a legal presumption that banks with environmental, social, and governance (ESG) commitments have violated the law if they deny services to agriculture producers, shifting the burden of proof to the bank

Allows banks to rebut the presumption only with clear and convincing evidence that the decision was based solely on documented ordinary business purposes unrelated to ESG commitments

Evidence of ESG commitments includes bank advertising, public or private statements, reports, or participation in coalitions or initiatives aimed at furthering environmental, social, or political goals

Establishes civil fines of up to $10,000 for banks that violate the prohibition