Bill > SB1107

This bill creates the Financial Services Freedom Act, which aims to prevent large financial institutions from discriminating against customers based on their religious, political, or social views. The act defines a "financial institution" as banks or payment processors with over $100 billion in assets or transactions, and prohibits them from using "social credit scores" to deny, restrict, or terminate financial services. The bill requires financial institutions to provide a detailed explanation to customers if their services are denied, including specific reasons related to the customer's speech, religious exercise, or business activities. If a financial institution violates these provisions, customers can seek civil action and potentially recover damages up to $10,000 per violation, with the possibility of treble damages if the violation is found to be willful. The Attorney General is also authorized to investigate and bring civil actions against financial institutions that engage in discriminatory practices. The law is designed to protect consumers' First Amendment rights and ensure transparency in financial service provision, with the underlying intent of preventing what the bill describes as "debanking" based on political or ideological grounds. The act will become effective on November 1, 2025, and violations will be considered violations of the Oklahoma Consumer Protection Act.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1107&Session=2600