Bill > S1027

This bill establishes the Transparency in Financial Services Act, which aims to prevent financial institutions from discriminating against customers based on their personal beliefs, associations, or lawful activities. The bill defines a "social credit score" as any analysis that evaluates a person's religious exercise, speech, association, or specific business activities like fossil fuel energy or firearm manufacturing. Large financial institutions (those with over $100 billion in assets or transactions) are prohibited from using such scores to deny, restrict, or terminate financial services. If a financial institution does deny services, it must provide a detailed explanation upon the customer's request within 14 days, including specific reasons for the denial and references to the terms of service. The bill allows customers who believe they have been improperly discriminated against to seek remedies through civil action, and the Attorney General can investigate potential violations under the Idaho Consumer Protection Act. The legislation is designed to protect First Amendment rights and prevent financial institutions from penalizing individuals for their lawful opinions, speech, or business activities. The act is set to take effect on July 1, 2025, and applies to national banks operating in Idaho.

Business and Industry, Government Affairs, Justice

State Affairs Committee (S)

https://legislature.idaho.gov/sessioninfo/2025/legislation/S1027/