South Carolina General Assembly
124th Session, 2021-2022

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Indicates New Matter

H. 5110

STATUS INFORMATION

General Bill
Sponsors: Reps. Bustos and May
Document Path: l:\council\bills\jn\3541sa22.docx

Introduced in the House on March 10, 2022
Currently residing in the House Committee on Labor, Commerce and Industry

Summary: Environmental, Social, and Governance

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
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   3/10/2022  House   Introduced and read first time (House Journal-page 103)
   3/10/2022  House   Referred to Committee on Labor, Commerce and Industry 
                        (House Journal-page 103)

View the latest legislative information at the website

VERSIONS OF THIS BILL

3/10/2022

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 34-3-120 SO AS TO PROVIDE THAT A BANKING INSTITUTION OR INVESTMENT OR FINANCIAL FIRM THAT ADOPTS ANY ENVIRONMENTAL, SOCIAL, AND GOVERNANCE FACTORS FOR EVALUATING A BUSINESS MUST MEET CERTAIN CRITERIA.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Article 1, Chapter 3, Title 34 of the 1976 Code is amended by adding:

    "Section 34-3-120.    A banking institution or investment or financial firm that adopts any Environmental, Social, and Governance (ESG) factors for evaluating a business must:

        (1)    advise clients that they are being scored using ESG criteria and state who is providing the score;

        (2)    clearly state criteria that is being scored in each area of ESG;

        (3)    offer a written report; and

        (4)    provide a means to appeal each scored area."

SECTION    2.    This act takes effect upon approval by the Governor.

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This web page was last updated on May 6, 2022 at 11:18 AM