HB 1469-FN - AS AMENDED BY THE SENATE

16Feb2022... 0342h

04/28/2022   1647s

2022 SESSION

22-2580

07/08

HOUSE BILL 1469-FN

AN ACT establishing a committee to study the need for anti-discrimination legislation in the New Hampshire financial services industry.

SPONSORS: Rep. Bernardy, Rock. 16; Rep. Vose, Rock. 9; Rep. Hobson, Rock. 35; Rep. Ammon, Hills. 40; Rep. Notter, Hills. 21; Rep. Greeson, Graf. 16; Rep. Greene, Hills. 37

COMMITTEE: Commerce and Consumer Affairs

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AMENDED ANALYSIS

This bill establishes a committee to study the need for anti-discrimination legislation in the New Hampshire financial services industry based on legally-protected expressions.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

16Feb2022... 0342h

04/28/2022   1647s 22-2580

07/08

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Twenty Two

AN ACT establishing a committee to study the need for anti-discrimination legislation in the New Hampshire financial services industry.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1  Committee Established.  There is established a committee to study the need for anti-discrimination legislation in the New Hampshire financial services industry.

2  Membership and Compensation.

I.  The members of the committee shall be as follows:

(a)  Four members of the house of representatives, appointed by the speaker of the house of representatives.

(b)  One member of the senate, appointed by the president of the senate.

II.  Members of the committee shall receive mileage at the legislative rate when attending to the duties of the committee.

3  Duties.  The committee shall study:

I.  The possible need for anti-discrimination legislation in the New Hampshire financial services industry based on legally-protected expression of political viewpoints or ideologies, social media activity, membership in clubs or organizations, possession or sales of firearms, or other legally protected activity that could cause financial institutions to decline to engage in business relations with people or businesses engaging in such activities; and  

II.  Whether the New Hampshire banking department has sufficient resources to receive and investigate complaints about such practices and to issue an annual report to the general court about its findings.

4  Chairperson; Quorum.  The members of the study committee shall elect a chairperson from among the members.  The first meeting of the committee shall be called by the senate member.  The first meeting of the committee shall be held within 45 days of the effective date of this section.  Three members of the committee shall constitute a quorum.

5  Report.  The committee shall report its findings and any recommendations for proposed legislation to the speaker of the house of representatives, the president of the senate, the house clerk, the senate clerk, the governor, and the state library on or before November 1, 2022.

6  Effective Date.  This act shall take effect upon its passage.

LBA

22-2580

Amended 3/7/22

HB 1469-FN- FISCAL NOTE

AS AMENDED BY THE HOUSE (AMENDMENT #2022-0342h)

AN ACT relative to prohibited acts for banks, credit unions, and businesses.

FISCAL IMPACT:      [ X ] State              [    ] County               [    ] Local              [    ] None

METHODOLOGY:

This bill prohibits banks and other financial institutions from engaging in discriminatory practices.  The Banking Department indicates this bill introduces an additional prohibited act which the Bank Commissioner shall enforce against all banks and other financial institutions doing business in the state.  If any bank or other financial institution is found to have violated the proposed legislation, the entity shall be subject to varying fine levels depending on the number of offenses.  The amount of additional revenue is indeterminable, as the Banking Department cannot reasonably calculate whether such violations will occur.  In addition, the bill may increase the number of consumer complaints received.  The Department may require additional staff or staff time to handle such complaints, investigations and related enforcement actions.  The amount of any potential increase cannot be determined.

The Department states any revenue from fines would reduce dollar for dollar, the annual assessment imposed in accordance with RSA 383:11,II.  Also any increase in Department expenses would increase the Department costs charged to the regulated and licensed entities by way of the annual assessment.  In years in which an assessment is imposed, there would be no net gain in total revenue to the Department.  If in any given year no assessment is imposed, any revenue generated that is not needed to cover Banking Department’s expenses related to the regulation of charted entities and licensees in that year, would then be held in the dedicated fund and carried forward as restricted revenue to reduce possible assessment in the next year.  It is impossible to anticipate whether assessments in Fiscal Years 2023-2025 will be impacted since the assessment is based on revenue from all examination fees, fines and penalties which vary from year to year.

AGENCIES CONTACTED:

Banking Department