HB5238

Michigan HB5238 prohibits banks from restricting services to agriculture producers based on their environmental policies.

Michigan HB5238 amends the state's banking laws to prohibit banks from denying, restricting, or canceling financial services to agriculture producers based on their greenhouse gas emissions, fossil fuel use, or participation in environmental initiatives. The bill presumes that such actions by banks with environmental, social, and governance commitments violate the law. A bank can rebut this presumption if it can prove the action was for ordinary business purposes unrelated to environmental goals. Violators face a civil fine of up to $10,000.