On Mar. 25, ARK LEG passed bill re financial discrimination of farmers.
ARK LEG passed Bill SB 409, which aims to prohibit the discrimination of agricultural producers by financial service providers and to establish the Farmer protection act.
Amends Arkansas codeARK FIN 25-1-1001 (definitions) as well as ARK FIN 25-1-1002 (list of financial services producers) re discrimination of agricultural producers.
Agricultural Producer Discrimination
Discriminate amended to include agricultural producers, and does not include actions of an investment adviser based on investment guidelines or due to client preferences.
Agricultural producer means a natural person or company engaged in the production of goods derived from plants or animals, including husbandry, livestock or crops.
Amended so that Treasurer of State will post the list of financial services providers that discriminate against agricultural producers as well as existing entities in the provision.
ESG Oversight Committee shall send a written notice to the financial services provider.
If the Committee sends notice of discrimination to the financial services provider, then agricultural producers are required to consent to the disclosure of any financial data.
If they do not consent, the financial services provider will not be included in the list.
Legislative History
On Mar. 10, 2025, bill introduced in Senate; on Mar. 17, 2025, bill passed in Senate.
On Mar. 17, 2025, bill delivered to House; on Mar. 20, 2025, bill was passed in House.
On Mar. 20, 2025, bill delivered to Governor; on Mar. 25, 2025, bill became Act 406.
Effectiveness
Act effective 91 days after legislature adjourned sine die (May 5), so Aug. 4, 2025.
