Bill > SB240

This bill establishes the Equality in Financial Services Act, which aims to prevent financial institutions with over $100 billion in assets or transactions from discriminating against individuals based on their social or political activities. The bill defines "social credit score" broadly, protecting activities like religious exercise, free speech, and business associations with certain industries (such as fossil fuel or firearms companies) from being used as grounds for financial service denial. If a financial institution refuses, restricts, or terminates services to a person, they must provide a detailed written explanation within 30 days of the customer's request, outlining specific reasons for the decision. Violations can result in civil actions where harmed individuals can recover actual damages of at least $10,000, with potential treble damages for willful violations, and the bill allows for injunctive relief. The legislation explicitly protects first amendment rights and requires financial institutions to base their decisions on impartial, financial risk-based standards. The act will become effective on July 1, 2025, and is intended to be integrated into existing financial services regulations in Montana, with a severability clause ensuring that if any part of the act is found invalid, the rest remains in effect.

Business and Industry

https://bills.legmt.gov/#/laws/bill/2/LC0588