summary
Introduced
01/21/2025
01/21/2025
In Committee
01/21/2025
01/21/2025
Crossed Over
Passed
Dead
04/24/2025
04/24/2025
Introduced Session
2025 Regular Session
Bill Summary
Discrimination in providing financial services. Prohibits a financial services provider from discriminating in providing financial services to a consumer by using a social credit score as a basis for directly or indirectly: (1) declining to provide to the consumer full and equal access to one or more financial services; or (2) providing the consumer with one or more financial services on less favorable terms and conditions than would otherwise apply to the consumer if a social credit score were not used. Defines "social credit score" for purposes of these provisions. Specifies that the term does not include an analysis that involves a financial services provider's evaluation of any quantifiable risks of a consumer's participation in certain business activities or business associations, if the analysis is based on impartial, financial risk based standards that are: (1) established in advance; and (2) publicly disclosed to customers and potential customers; by the financial services provider. Provides that if a financial services provider refuses to provide, terminates, or restricts one or more financial services with respect to a consumer, the consumer may request from the financial services provider a statement of the specific reasons constituting the basis for the refusal, termination, or restriction. Provides that a financial services provider that receives such a request shall transmit to the consumer a written statement setting forth the specific reasons constituting the basis for the refusal, termination, or restriction. Sets forth requirements regarding the: (1) content of; and (2) means and time frame for submitting; a request or statement under these provisions. Provides that a violation of these provisions constitutes a deceptive act that is actionable under the deceptive consumer sales act only by the attorney general. Provides that a consumer aggrieved by a violation of these provisions may bring a civil action (including a class action) for damages, injunctive relief, or both.
AI Summary
This bill establishes the "Equality in Financial Services Act" in Indiana, which prohibits financial services providers from discriminating against consumers by using a "social credit score" to deny or restrict financial services. The bill defines a social credit score as any analysis that evaluates a consumer's exercise of religious or free speech rights, participation in certain business activities, or stance on issues like diversity programs, environmental goals, or employee healthcare. Financial services providers with over $10 million in assets or transactions are covered by the law. If a financial services provider refuses, terminates, or restricts services to a consumer, they must provide a detailed written explanation upon request. Consumers who believe they have been discriminated against can file a civil lawsuit seeking damages of at least $10,000 or injunctive relief, and the attorney general can also investigate and take action against violating financial services providers. The bill allows for class action lawsuits and requires the court to award attorney's fees to prevailing plaintiffs. The law is designed to prevent financial institutions from penalizing consumers based on their personal beliefs, business associations, or political activities.
Committee Categories
Business and Industry
Sponsors (4)
Last Action
Representative Judy added as coauthor (on 01/28/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://iga.in.gov/legislative/2025/bills/house/1528/details | 01/15/2025 |
| Fiscal Note #1: Introduced | https://iga.in.gov/pdf-documents/124/2025/house/bills/HB1528/fiscal-notes/HB1528.01.INTR.FN001.pdf | 01/15/2025 |
| BillText | https://iga.in.gov/pdf-documents/124/2025/house/bills/HB1528/HB1528.01.INTR.pdf | 01/15/2025 |
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