Bill > HB1237

This bill, known as the Mississippi Guaranteeing Fair Banking Act, aims to prevent financial institutions from discriminating against individuals based on their religion, speech, or participation in lawful economic activities. It requires financial institutions, defined as banks or payment processors with over $10 billion in assets or transactions, to provide a specific written statement of reasons if they take an "adverse action" against a person, which means declining or restricting financial services like checking accounts, money transmission, or credit. This statement must detail the principal reasons for the decision, and if religion, speech, or lawful economic activity played a role, those criteria must be explicitly mentioned. Violations of this act are considered unfair or deceptive trade practices, allowing the Attorney General to pursue remedies, and individuals harmed by violations can sue for damages, injunctions, and attorney fees. The bill also amends existing law to include violations of this act under the definition of unfair or deceptive trade practices and brings forward other sections related to the commissioner's authority to issue cease and desist orders for unsafe or unsound practices.

Business and Industry

https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB1237.xml