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STATE OF OKLAHOMA
1st Session of the 59th Legislature (2023 )
HOUSE BILL 2212 By: West (Kevin)
AS INTRODUCED
An Act relating to unfair business practices ;
prohibiting banks and trust companies from engaging
in certain discriminatory practic es; permitting
certain conduct for safety reas ons; permitting
certain practices after full disclosure and
explanation; imposing civil penalties for violation;
prohibiting credit unions from engaging in certain
discriminatory practices; permitting certain c onduct
for safety reasons; permitting certain practices
after full disclosure and explanation; imposing civil
penalties for violation; prohibiting business
entities from engaging in certain discriminatory
practices; permitting certain conduct for safety
reasons; permitting certain practices after full
disclosure and explanation; imposing civil penalties
for violation; requiring enforcement by the Attorney
General; defining term; providing for codification;
and declaring an emergency .
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 1801 of Title 6, unless there is
created a duplication in numbering, reads as follows:
A. No bank or trust company doing business in this state ,
either directly or through the use of an outside contractor, shall
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discriminate against, advocate for , or cause adverse treatment of
any individual, business , or other customer based on subjective or
arbitrary standards, including, but not limited to:
1. Social media posts;
2. Participation or membership in any club, association , or
union;
3. Political affiliation;
4. Employer;
5. Social credit score;
6. Environmental, social and governance criteria; or
7. Other similar values-based or impact criter ia.
B. Nothing in this section shall be construed to interfere with
a bank's or trust company's ability to discontinue or refuse to
conduct business with an individual account holder or potential
customer when such action is necessary for the physical saf ety of
such bank's or trust company's employees.
C. Notwithstanding the provisions of subsection A of this
section, a bank or trust company may offer customers investments,
products, or services that include subjective standards if such
standards are fully disclosed and explained to any potential
customer or investor prior to entering into a contract for such
investment, product or service.
D. Any bank or trust company that violates the provisions of
this section shall be subject to a civil penalty of Fifty Thousand
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Dollars ($50,000.00) for a first violation and a civil penalty of
Two Hundred and Fifty Thousand Dollars ( $250,000.00) for a second or
subsequent violation.
SECTION 2. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 2028 of Title 6, unless there is
created a duplication in numbering, reads as follows:
A. No credit union doing business in this state shall
discriminate against, advocate for , or cause adverse treatment of
any individual, business, or other customer based on subjective or
arbitrary standards, including, but not limited to:
1. Social media posts;
2. Participation or membership in any club, association , or
union;
3. Political affiliation;
4. Employer;
5. Social credit score;
6. Environmental, social and governance criteria; or
7. Other similar values-based or impact criteria.
B. Nothing in this secti on shall be construed to interfere with
a credit union's ability to discontinu e or refuse to conduct
business with an individual account holder or potential customer
when such action is necessary for the physical safety of such credit
union's employees.
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C. Notwithstanding the provisions of subsection A of this
section, a credit union may offer customers investments, products ,
or services that include subjective standards if such standards are
fully disclosed and explained to any potential customer or investor
prior to entering into a contract for such investment, product, or
service.
D. A credit union that violates the provisio ns of this section
shall be subject to a civil penalty of Fifty Thousand Dollars
($50,000.00) for a first violation and a civil penalty of Two
Hundred and Fifty Thousan d Dollars ($250,000.00) for a second or
subsequent violation.
SECTION 3. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 2101 of Title 18, unless there
is created a duplication in numbering, reads as follows:
A. No business entity in this s tate shall discriminate against,
advocate for, or cause adverse treatme nt of any individual,
business, or other customer in such business entity 's business
practices based on subjective or arbitrary standards, including, but
not limited to:
1. Social media posts;
2. Participation or membership in any club, association , or
union;
3. Political affiliation;
4. Employer;
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5. Social credit score;
6. Environmental, social and governance criteria; or
7. Other similar values-based or impact criteria.
B. Nothing in this section shall be construed to interfere with
a person's or business entity's ability to discontinue or refuse to
conduct business with a customer when such action is necessary for
the physical safety of such person, such business entity , or such
business entity's employees.
C. Notwithstanding the provisions of subsection A, a business
entity may engage in a business practice d escribed in subsection A
of this section if the specific business practice is fully disclosed
to the potential cus tomer prior to such potential customer and such
business entity entering into any business transaction.
D. A business entity that violates the provisions of this
section shall be subject to a civil penalty of Fifty Thousand
Dollars ($50,000.00) for a first violation and a civil penalty of
Two Hundred and Fifty Thousand Dollars ( $250,000.00) for a second or
subsequent violation. The Attorney General shall enforce this
section.
E. For purposes of this section, "business entity" means a sole
proprietorship, corporation, limited liability company, association,
partnership, joint-stock company, joint venture , mutual fund, trust,
joint tenancy, or other similar form of business organization.
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SECTION 4. It being immediately neces sary for the preservation
of the public peace, health or safety, an emergency is hereby
declared to exist, by reason whereof this act shall take effect and
be in full force from and after its passage an d approval.
59-1-5189 AQH 11/08/22