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H.B. 312 State Financial Contracts Amendments

Bill Sponsor:

Rep. Shipp, Rex P.
Floor Sponsor:
  • Drafting Attorney: Rikka Strong
  • Fiscal Analyst: Brian Wikle

  • Bill Tracking




  • Information
    • Last Action: 4 Mar 2022, House/ filed
    • Last Location: House file for bills not passed


H.B. 312

1     
STATE FINANCIAL CONTRACTS AMENDMENTS

2     
2022 GENERAL SESSION

3     
STATE OF UTAH

4     
Chief Sponsor: Rex P. Shipp

5     
Senate Sponsor: ____________

6     

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
25     

26     Be it enacted by the Legislature of the state of Utah:
27          Section 1. Section 63G-28-101 is enacted to read:

28     
CHAPTER 28. FINANCIAL CONTRACTS ENERGY REQUIREMENTS

29     
Part 1. General Provisions

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:
45     
Part 2. Financial Energy Contracts Provisions

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.
Bill Status / Votes
• Senate Actions • House Actions • Fiscal Actions • Other Actions
DateActionLocationVote
2/3/2022 Bill Numbered but not DistributedLegislative Research and General Counsel
2/3/2022 Numbered Bill Publicly DistributedLegislative Research and General Counsel
2/3/2022 LFA/ bill sent to agencies for fiscal inputLegislative Research and General Counsel
2/4/2022 House/ received bill from Legislative ResearchClerk of the House
2/4/2022 House/ 1st reading (Introduced)House Rules Committee
2/8/2022 LFA/ fiscal note publicly availableHouse Rules Committee
2/9/2022 House/ to standing committeeHouse Government Operations Committee
2/11/2022 House Comm - Refer to CommitteeHouse Government Operations Committee5 0 6
2/14/2022 House/ to standing committeeHouse Business and Labor Committee
2/22/2022 House Comm - HeldHouse Business and Labor Committee14 0 1
3/1/2022 House Comm - Returned to RulesHouse Business and Labor Committee
3/2/2022 House/ comm rpt/ sent to RulesHouse Rules Committee
3/4/2022 House/ strike enacting clauseClerk of the House
3/4/2022 House/ filedHouse file for bills not passed