Bills › 90th General Assembly

HF 2409Died when the session ended · February 8, 2024

Relating to discrimination in the provision of financial services, and providing civil penalties

Topics:Business & economyCivil rightsCourts & civil law

Same legislation: SSB 3094

Where it is now

  1. Done: IntroducedFebruary 8, 2024
  2. Stopped: SubcommitteeDied when the General Assembly ended
  3. Next: House committee
  4. Next: Passes the House
  5. Next: Senate committee
  6. Next: Passes the Senate
  7. Next: To the Governor
  8. Next: Signed into law

Died when the session ended The 2024 session adjourned on April 19, 2024, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?

What’s in it

AI summary Banks and other financial institutions would be prohibited from using "social credit scores" to decide who gets services or to limit what people can do with their accounts. This includes judging people based on their speech, religion, or certain business activities like working with oil companies or firearm dealers. If a person is denied service for these reasons, they can demand a written explanation from the institution detailing exactly why the decision was made.1

Read the official explanation

This bill relates to discrimination by a financial institution in the provision of financial services. The bill prohibits a financial institution from discriminating in the provision of financial services to a person, and from agreeing, conspiring, or coordinating with another person or group of persons to discriminate in the provision of financial services to a person. “Discrimination” is defined by the bill as the use of a social credit score by a financial institution to directly or indirectly decline to provide, terminate, or restrict, financial services to a person. “Social credit score” is defined by the bill as an analysis, rating, scoring, list, or tabulation that evaluates a person’s protected speech, religious exercise, association, expression, or conduct; a person’s failure or refusal to adopt targets or disclosures related to greenhouse gas emissions beyond state and federal law requirements; a person’s failure or refusal to conduct a racial, diversity, or gender audit or disclosure; a person’s failure or refusal to facilitate or assist an employee in obtaining an abortion or gender reassignment services; or a person's participation in business activities related to a manufacturer or dealer of firearms and ammunition or business activities with an oil or gas company. “Financial institution” and “financial service” are also defined by the bill. The bill permits a person to whom a financial institution has refused to provide, restricted, or terminated financial services to request a written statement within days of such action specifying the reason for the refusal, restriction, or termination. A person can request the statement from a customer service or designated account representative of the financial institution, and the person shall provide the financial institution with a mailing address and an electronic mail address where the statement can be sent. The financial institution shall transmit the statement within business days of receiving the person’s request, and the statement shall include a detailed explanation of the basis for the denial, restriction, or termination, including a description of any of the person’s speech, religious exercise, business activity with a particular industry, or other conduct that was a basis for the action taken. The statement shall also include a copy of the terms of service agreed upon by the person and the financial institution, and a citation to the specific provision of the terms of service that was the basis for the action taken. The attorney general may bring civil action to enforce the provisions of the bill and, upon finding that a financial institution violated the bill, a court may order injunctive relief, damages, restitution, other compensation, or other remedies permitted by law. A person harmed by a violation of the bill may bring a civil action and, upon finding that a financial institution violated the bill, a court may order injunctive relief and actual damages not to exceed $10,000 or, upon a finding that the violation by the financial institution was willful, damages equal to three times the amount of actual damages but not to exceed $30,000, in addition to reasonable attorney fees and court costs.

Full bill text2

Iowa Code it changes

Creates§529A.1§529A.2§529A.3

How the Code works3

Lobbying

6 for · 5 against · 4 undecided · Who →

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90th General Assembly

Earlier and later bills are matched by wording or an identical title.

Similar bills

  • HF 594 Relating to discrimination in the provision of financial services, and providing civil pen…
    91st General Assembly · Renumbered as HF 922
    Nearly identical

Matched by wording or an identical title.