MN HF4574

Prohibits the State Board of Investment from investing in companies that boycott mining, energy production, production agriculture, or commercial lumber production, effective July 1, 2022.

Requires the State Board of Investment to divest from direct holdings in such companies by July 1, 2027, following prudent investment standards.

Prohibits state agencies and Minnesota State Colleges and Universities from contracting with vendors who boycott these industries, with vendors required to certify compliance; violators face $10,000 civil penalties.

Prohibits banks, credit unions, financial institutions, payment processors, and trust companies from discriminating against customers based on political affiliation or environmental, social, and governance (ESG) criteria; requires full disclosure of subjective standards with signed acknowledgment before providing services.

Establishes $10,000 civil penalties for financial institutions violating discrimination provisions and allows customers to seek injunctive relief; requires State Board of Investment to submit annual reports on listed companies and divestments by January 15 each year.