HF 4904 - Energy Discrimination Elimination Act

• Prohibits state governmental entities from investing in financial companies that boycott fossil fuel energy producers, with a 90-day cure period after notice for companies to cease boycotting activities.

• Requires the Commissioner of Commerce to maintain and publish a list of financial companies that boycott energy companies, updated at least annually, with companies presumed to be boycotting if they fail to respond to verification requests within 61 days.

• Mandates state divestment from listed financial companies on a schedule determined by the commissioner, except for indirect holdings in managed funds and private equity funds, unless clear evidence shows divestment would cause financial loss or benchmark deviation.

• Requires governmental entities entering contracts with companies having 10+ employees and valued at $50,000+ to obtain written verification that the company does not boycott energy companies, effective December 15, 2022.

• Provides immunity from liability for state entities and officials implementing the law and prohibits private lawsuits against the state, with plaintiffs liable for costs and attorney fees if they sue in violation of the act.