Bill > SB569

This bill, titled the "Transparency in Financial Services Act," prohibits large financial institutions, defined as banks with over $100 billion in assets or payment processors handling over $100 billion annually, from discriminating against individuals in the provision of covered financial services, which include depository accounts, money transmission, and credit. Discrimination is defined as taking an "adverse action," meaning refusing, terminating, or restricting services, based on a person's exercise of religion, protected speech or expression, or participation in lawful economic activity, or due to animus towards these factors. If a financial institution takes an adverse action, the affected person can request a specific written explanation of the reasons, and if the institution fails to provide adequate reasons or if discriminatory factors were involved, the person can pursue legal action for damages, injunctions, and attorney's fees. The bill also outlines exceptions for actions taken in good faith for valid business reasons, such as changes in account terms, inactivity, default, legal requirements, or maintaining safety and soundness, and states that violations will be considered unfair or deceptive practices.

Justice

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=569&year=2026&sessiontype=RS&btype=bill