SB409
To Prohibit Discrimination Of Agricultural Producers By Financial Services Providers; And To Establish The Farmer Protection Act.
Last Action (March 31, 2025): Notification that SB409 is now Act 406
Sponsors
AI-Generated Summary
Senate Bill 409, titled the 'Farmer Protection Act,' aims to prevent financial services providers from discriminating against agricultural producers. The bill amends existing state laws that currently restrict discrimination against certain industries based on Environmental, Social, and Governance (ESG) criteria. It specifically adds agricultural producers to the list of industries—alongside energy, fossil fuel, and firearms—that financial institutions cannot categorically refuse to serve. The legislation tasks the ESG Oversight Committee and the Arkansas Treasurer with maintaining a list of financial providers found to be discriminating based on these metrics. It establishes a notification and appeal process, allowing financial providers an opportunity to contest findings of discrimination. Additionally, the bill mandates that if an agricultural producer or industry entity triggers an investigation into a financial provider, the entity must consent to the disclosure of its financial records to the Oversight Committee. Failure to provide such consent results in the termination of the investigation against the financial service provider.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries are agricultural producers, including farmers, ranchers, and livestock or dairy operations, who may face difficulties securing loans or banking services due to corporate ESG policies. Additionally, stakeholders in the fossil fuel, energy, and firearms industries benefit from the continued legal framework that prevents financial institutions from using their sector status as a basis for business denial.
Who Might Suffer?
Financial services providers, such as banks and investment firms, may be negatively impacted as the bill imposes regulatory oversight and potential public listing if they decline business based on internal ESG metrics. Additionally, agricultural producers or other industry entities that initiate a complaint against a financial provider may be negatively impacted because they are required to forfeit the confidentiality of their proprietary financial information to the state to proceed with an investigation.
Vote Records
Third Reading
March 20, 2025View individual votes (100)
| Legislator | Party | Chamber | Vote |
|---|---|---|---|
| Tracy Steele | Democrat | House | Yea |
| Fred Allen | Democrat | House | NV |
| Lane Jean | Republican | House | Yea |
| Stephen Meeks | Republican | House | Yea |
| Mark Perry | Democrat | House | Yea |
| Jon Eubanks | Republican | House | Yea |
| Matthew Shepherd | Republican | House | Yea |
| Jeff Wardlaw | Republican | House | Yea |
| Bruce Cozart | Republican | House | Yea |
| David Whitaker | Democrat | House | Yea |
| Mike Holcomb | Republican | House | Yea |
| Stephen Magie | Democrat | House | Nay |
| Mark McElroy | Republican | House | Yea |
| Richard Womack | Republican | House | NV |
| Jack Ladyman | Republican | House | Yea |
| Robin Lundstrum | Republican | House | Yea |
| Dwight Tosh | Republican | House | Yea |
| Rick Beck | Republican | House | Yea |
| Mary Bentley | Republican | House | Yea |
| Les Eaves | Republican | House | Yea |
| Justin Gonzales | Republican | House | NV |
| Julie Mayberry | Republican | House | Yea |
| Ken Ferguson | Democrat | House | NV |
| Ron Mcnair | Republican | House | Yea |
| Marcus Richmond | Republican | House | Yea |
| Deann Vaught | Republican | House | Yea |
| Karilyn Brown | Republican | House | Yea |
| Sonia Eubanks Barker | Republican | House | Yea |
| Frances Cavenaugh | Republican | House | Yea |
| Jimmie Gazaway | Republican | House | Yea |
| Roger Lynch | Republican | House | Yea |
| John Maddox | Republican | House | Yea |
| Aaron Pilkington | Republican | House | Yea |
| Johnny Rye | Republican | House | Yea |
| Les Warren | Republican | House | Yea |
| Carlton Wing | Republican | House | Yea |
| Austin Mccollum | Republican | House | Yea |
| Carol Dalby | Republican | House | Yea |
| Steve Hollowell | Republican | House | Yea |
| Brian Evans | Republican | House | Yea |
| Lee Johnson | Republican | House | Yea |
| Andrew Collins | Democrat | House | Nay |
| Stan Berry | Republican | House | Yea |
| Harlan Breaux | Republican | House | Yea |
| Cameron Cooper | Republican | House | Yea |
| Nicole Clowney | Democrat | House | NV |
| Cindy Crawford | Republican | House | Yea |
| Denise Garner | Democrat | House | Nay |
| Tippi McCullough | Democrat | House | Nay |
| Jay Richardson | Democrat | House | NV |
| Jim Wooten | Republican | House | Yea |
| Denise Ennett | Democrat | House | Nay |
| Richard McGrew | Republican | House | Yea |
| Joy Springer | Democrat | House | Nay |
| Howard Beaty | Republican | House | Yea |
| Tony Furman | Republican | House | Yea |
| Kendon Underwood | Republican | House | Yea |
| David Ray | Republican | House | Yea |
| John Carr | Republican | House | Yea |
| Rick McClure | Republican | House | Yea |
| Keith Brooks | Republican | House | Yea |
| Ashley Hudson | Democrat | House | Yea |
| Jon Milligan | Republican | House | Yea |
| RJ Hawk | Republican | House | Yea |
| Wade Andrews | Republican | House | Yea |
| Rebecca Burkes | Republican | House | Yea |
| Hope Duke | Republican | House | Yea |
| Zack Gramlich | Republican | House | Yea |
| Mindy McAlindon | Republican | House | Yea |
| Matt Duffield | Republican | House | Yea |
| Stetson Painter | Republican | House | Yea |
| Steve Unger | Republican | House | Yea |
| Wayne Long | Republican | House | Yea |
| Scott Richardson | Republican | House | Yea |
| Brandon Achor | Republican | House | Yea |
| Jeremiah Moore | Republican | House | Yea |
| Joey Carr | Republican | House | Yea |
| Matt Brown | Republican | House | Yea |
| Shad Pearce | Republican | House | Yea |
| Chad Puryear | Republican | House | Yea |
| Ryan Rose | Republican | House | Yea |
| Bart Schulz | Republican | House | NV |
| Trey Steimel | Republican | House | Yea |
| Tara Shephard | Democrat | House | Nay |
| Jeremy Wooldridge | Republican | House | Yea |
| Kendra Moore | Republican | House | Yea |
| Brit McKenzie | Republican | House | Yea |
| Steven Walker | Republican | House | NV |
| Glenn Barnes | Democrat | House | Yea |
| Lincoln Barnett | Democrat | House | Nay |
| Alyssa Brown | Republican | House | Yea |
| Nick Burkes | Republican | House | Yea |
| Paul Childress | Republican | House | Yea |
| James Eaton | Republican | House | Yea |
| Brad Hall | Republican | House | Yea |
| Dolly Henley | Republican | House | Yea |
| Jessie McGruder | Democrat | House | Nay |
| Jason Nazarenko | Republican | House | Yea |
| Randy Torres | Republican | House | Yea |
| Diana Gonzales Worthen | Democrat | House | Nay |
Third Reading
March 17, 2025View individual votes (35)
| Legislator | Party | Chamber | Vote |
|---|---|---|---|
| Jane English | Republican | Senate | Yea |
| Jonathan Dismang | Republican | Senate | Yea |
| Greg Leding | Democrat | Senate | Nay |
| Missy Irvin | Republican | Senate | Yea |
| Bryan King | Republican | Senate | Yea |
| Kim Hammer | Republican | Senate | Yea |
| Stephanie Flowers | Democrat | Senate | Nay |
| Frederick Love | Democrat | Senate | Nay |
| Terry Rice | Republican | Senate | Yea |
| Reginald Murdock | Democrat | Senate | Nay |
| Gary Stubblefield | Republican | Senate | Yea |
| Jim Dotson | Republican | Senate | Yea |
| John Payton | Republican | Senate | Yea |
| Alan Clark | Republican | Senate | Yea |
| Ronald Caldwell | Republican | Senate | Yea |
| Bart Hester | Republican | Senate | Yea |
| Jimmy Hickey | Republican | Senate | NV |
| Dan Sullivan | Republican | Senate | Yea |
| David Wallace | Republican | Senate | Yea |
| Blake Johnson | Republican | Senate | Yea |
| Justin Boyd | Republican | Senate | Yea |
| Clarke Tucker | Democrat | Senate | Nay |
| Scott Flippo | Republican | Senate | Yea |
| Clint Penzo | Republican | Senate | Yea |
| Mark Johnson | Republican | Senate | Yea |
| Ricky Hill | Republican | Senate | Yea |
| Jamie Scott | Democrat | Senate | Nay |
| Breanne Davis | Republican | Senate | Yea |
| Ben Gilmore | Republican | Senate | Yea |
| Joshua Bryant | Republican | Senate | Yea |
| Matt McKee | Republican | Senate | Yea |
| Jim Petty | Republican | Senate | Yea |
| Steve Crowell | Republican | Senate | Yea |
| Tyler Dees | Republican | Senate | Absent |
| Matt Stone | Republican | Senate | Yea |
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