Bill > SB2139

This bill, titled the Mississippi Guaranteeing Fair Banking Act, establishes new protections for individuals interacting with financial institutions, which are defined as banks or payment processors with over $10 billion in assets or transactions. It requires financial institutions to provide a specific written explanation of the reasons for any "adverse action" – such as denying or terminating services like checking accounts, money transmission, or credit – if requested by the customer within 90 days of receiving notice of the action, and the institution must provide this explanation within 30 days. The Act prohibits financial institutions from discriminating in providing these services based on a person's religious exercise, protected speech or association, or lawful economic activity, or due to animus or a desire to gain from or avoid a loss related to such protected activities. However, actions taken in good faith and not motivated by discrimination, such as those related to account inactivity, default, or lawful business reasons like maximizing profitability or complying with regulations, are exempt. Violations of this Act are considered unfair or deceptive practices, allowing for legal remedies including actual damages or a minimum of $10,000 per violation, injunctive relief, and attorney's fees, with provisions for financial institutions to recover attorney's fees if a lawsuit is filed in bad faith. The Act also amends existing law to include violations of this new chapter under the state's general prohibitions against unfair or deceptive trade practices.