Arkansas Code of 1987 (2023) › Title 25 - STATE GOVERNMENT (§§ 25-1-101 — 25-43-1605) › Chapter 1 - GENERAL PROVISIONS (§§ 25-1-101 — 25-1-1203) › Subchapter 10 - ENVIRONMENTAL, SOCIAL JUSTICE, OR GOVERNANCE SCORES OR METRICS (§§ 25-1-1001 — 25-1-1007) › Section 25-1-1002 - List of financial services providers

(a)
The Treasurer of State shall maintain a list of financial services providers as determined by the ESG Oversight Committee under §
25-1-1006
on the Treasurer of State's website.
(b)
The Treasurer of State shall post the list of financial services providers that discriminate against energy companies or firearms entities or otherwise refuse to deal based on environmental, social justice, and other governance-related factors on the Treasurer of State's website.
(c)
(1)
Forty-five (45) days before including a financial services provider on a list under §
25-1-1006
, the ESG Oversight Committee shall send a written notice to the financial services provider.
(2)
The written notice under subdivision (c)(1) of this section shall include the following information:
(A)
A determination by the ESG Oversight Committee under §
25-1-1006
that the financial services provider has discriminated against energy companies or firearms entities or otherwise refused to deal based on environmental, social justice, and other governance-related factors;
(B)
Identification of the evidence of discrimination relied on by the ESG Oversight Committee, in making the determination;
(C)
Placement of the financial services provider on a list in forty-five (45) days unless, within thirty (30) days following the receipt of the written notice, the financial services provider demonstrates that it is not discriminating against energy companies or firearms entities or otherwise refusing to deal based on environmental, social justice, and other governance-related factors; and
(D)
Publication of the list will be on the Treasurer of State's website.
(d)
(1)
If the ESG Oversight Committee provides written notice to a financial services provider under subdivision (c)(1) of this section based on information from an energy, fossil fuel, firearms, or ammunition company, then the energy, fossil fuel, firearms, or ammunition company shall be required to consent to the disclosure of any financial information held by the financial services provider of the energy, fossil fuel, firearms, or ammunition company to the ESG Oversight Committee, whether or not the information is confidential or proprietary, to allow the financial services provider to demonstrate that the financial services provider is not discriminating against energy, fossil fuel, firearm, or ammunition companies or otherwise refusing to deal with energy, fossil fuel, firearms, or ammunition companies based on environmental, social justice, and other governance-related factors.
(2)
If the energy, fossil fuel, firearms, or ammunition company refuses to consent to the disclosure of financial information under subdivision (d)(1) of this section, then the:
(A)
ESG Oversight Committee shall withdraw the written notice to the financial services provider under subdivision (c)(1) of this section; and
(B)
Financial services provider shall not be on the list under subsection (a) of this section.
Added by Act 2023, No. 411,§ 1, eff. 8/1/2023.