Bill > HB1597

This bill, known as the Mississippi Fair Banking Standards Act, establishes state policy to ensure fair access to financial services for all Mississippians, prohibiting state regulators from pressuring financial institutions to terminate customer accounts based on non-quantitative factors, which are defined as reasons unrelated to measurable financial risks like credit history or compliance with Anti-Money Laundering (AML) laws, but rather related to a customer's protected religious or political beliefs. The act aims to prevent "debanking," or the denial of financial services for reasons other than legitimate risk management, and creates an administrative complaint process for individuals who believe they have been subjected to such adverse actions, requiring a $200 filing fee that is refunded if the complaint is successful, and allowing for penalties against complainants who file frivolous claims. It also clarifies that financial institutions can still deny or terminate services based on quantitative risk factors, legal compliance, or safety and soundness concerns, and that this act does not create a private right of action for damages against financial institutions.

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https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB1597.xml