MI HB5240

Prohibits Michigan credit unions from denying, restricting, or canceling financial services to agricultural producers based on their greenhouse gas emissions, use of fossil fuel-derived fertilizer, or use of fossil fuel-powered machinery

Creates a legal presumption that if a credit union has made environmental, social, and governance (ESG) commitments and denies services to an agricultural producer, the denial violates the law

Allows credit unions to rebut the presumption with clear and convincing evidence that the decision was based solely on documented ordinary business purposes unrelated to ESG goals

Establishes civil fines of up to $10,000 per violation for credit unions that discriminate against agricultural producers based on environmental factors

Defines ESG commitment broadly to include public or private statements, advertising, participation in coalitions, or agreements aimed at reducing greenhouse gas emissions or achieving environmental objectives beyond legal requirements