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7 LONG TITLE
8 General Description:
9 This bill makes amendments regarding the financial companies with whom public
10 entities may enter into a financial contract.
11 Highlighted Provisions:
12 This bill:
13 ▸ defines terms; and
14 ▸ prohibits a public entity from entering into a contract for financial services with a
15 financial company that has a policy of refusing to finance fossil fuel companies.
16 Money Appropriated in this Bill:
17 None
18 Other Special Clauses:
19 None
20 Utah Code Sections Affected:
21 ENACTS:
22 63G-28-101, Utah Code Annotated 1953
23 63G-28-201, Utah Code Annotated 1953
24 63G-28-202, Utah Code Annotated 1953
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26 Be it enacted by the Legislature of the state of Utah:
27 Section 1. Section 63G-28-101 is enacted to read:
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30 63G-28-101. Definitions.
31 As used in this chapter:
32 (1) "Company" means a corporation, partnership, limited liability company, or similar
33 entity.
34 (2) "Financial company" means a publicly traded financial services, banking, or
35 investment company.
36 (3) "Financial contract" means a contract in which a financial company is obligated to
37 provide financial services.
38 (4) "Fossil fuel company" means a company that engages in the exploration,
39 production, utilization, transportation, sale, or manufacturing of fossil fuels or fossil fuel
40 byproducts.
41 (5) "Public entity" means the state or a political subdivision of the state, including each
42 department, division, office, board, commission, council, authority, or institution of the state or
43 a political subdivision of the state.
44 Section 2. Section 63G-28-201 is enacted to read:
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46 63G-28-201. Prohibition on contracting.
47 (1) A public entity may not enter into a financial contract with a financial company
48 unless:
49 (a) the contract includes a written certification that the company does not have a policy
50 of refusing to finance fossil fuel companies; and
51 (b) the company agrees not to adopt a policy of refusing to finance fossil fuel
52 companies for the duration of the contract.
53 (2) This section does not apply to:
54 (a) a contract with a total value of less than $100,000; or
55 (b) a contract with a financial company that has fewer than 10 full-time employees.
56 Section 3. Section 63G-28-202 is enacted to read:
57 63G-28-202. No private cause of action.
58 This chapter does not create, eliminate, or modify any private cause of action or
59 remedy.