H.F. No. 4774 Summary

• Prohibits banks, trust companies, credit unions, and business entities doing business in Minnesota from discriminating based on subjective or arbitrary standards including social media posts, club/union membership, political affiliation, employer, social credit scores, and environmental/social/governance criteria.

• Allows financial institutions and business entities to discontinue service when necessary to ensure physical safety of employees and to offer products with subjective standards if fully disclosed to customers before entering contracts.

• Imposes civil penalties of $50,000 for first violations and $250,000 for second or subsequent violations; penalties for banks and credit unions go to the financial institutions account, while business entity penalties go to general fund.

• Designates the Minnesota Attorney General as enforcement authority for the section.