Limits the award of punitive damages in most cases to the greater of three times the award of compensatory damages or $500,000. Limits the award of punitive damages to the greater of four times compensatory damages, four times the aggregate amount of financial gain, or $7,000,000, when the defendant’s action is motivated by financial gain. Limits punitive damages in unlawful employment practices lawsuits to: $200,000, when the employer has less than 100 employees in the state; $300,000, when the employer has more than 100, but less than 200 employees in the state; $400,000, when the employer has more than 200, but less than 500 employees in the state; and $500,000, when the employer has more than 500 employees in the state. Requires a plaintiff to show by “clear and convincing” evidence that a defendant acted with “reckless indifference” or was engaged in “outrageous” conduct. Requires the determination of awards for punitive damages to be made in a separate proceeding. Requires that 50% of punitive damages awards be paid to the state treasury.