Bill > HB3172

This bill, known as the Fair Banking Act, aims to prevent financial institutions, defined as banks or payment processors with over $100 billion in assets or transactions, from discriminating against individuals when providing services like checking accounts, money transmission, or credit. If a financial institution takes an "adverse action," meaning it declines, terminates, or restricts these services, the affected person can request a detailed explanation within 90 days, and the institution must provide it within 30 days, unless federal law prohibits it. This explanation must specify the principal reasons for the decision, and if protected activities like religious exercise or free speech were a factor, they must be disclosed. The bill prohibits financial institutions from discriminating based on these protected activities, lawful economic activity, or animus towards these factors, but allows for actions taken in good faith for valid business reasons like inactivity, default, or legal compliance, provided they are not motivated by a desire to discriminate. Violations are considered unlawful under the Oklahoma Consumer Protection Act, and individuals harmed can sue for damages, injunctions, and attorney fees, with provisions for financial institutions to recover costs if sued in bad faith. The act will take effect on November 1, 2026.

Business and Industry, Government Affairs

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb3172&Session=2600