HB 190: Idaho Prohibits State Depositories from Boycotting Key Industries
Summary
Enacted in March 2023 and effective on July 1, 2023, HB 190 requires banks and credit unions designated by the state treasurer as a state depository to certify that they do not and will not engage in a boycott of an individual or company for certain activities. Specifically, the bank or credit union must certify that they do not boycott against other individuals or companies based on their engagement in or support of the fossil-fuel based energy, timber, minerals, hydroelectric power, nuclear energy, or agricultural industries or their engagement in or support of the manufacture, distribution, sale, or use of firearms. The state treasurer may revoke a state depository designation for a bank or credit union found to be engaging in such boycotting activity after providing written notice and 60 days to cease the boycotting conduct.
"Boycott" under this law means, "without a reasonable business purpose," refusing to offer financial services, terminating business, or taking "another action that is intended to penalize, inflict economic harm, or limit commercial relations with an individual or organization" because they engage in a particular business sector or fail to commit to voluntary standards. The law defines a "reasonable business purpose" to mean a purpose directly related to promoting financial success or stability, mitigating risk, complying with laws, or limiting liability.
