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

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.