HB 1528: Discrimination in providing financial services.

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

Prohibits a financial services provider from discriminating in providing financial services to a consumer by using a social credit score as a basis for directly or indirectly: (1) declining to provide to the consumer full and equal access to one or more financial services; or (2) providing the consumer with one or more financial services on less favorable terms and conditions than would otherwise apply to the consumer if a social credit score were not used. Defines "social credit score" for purposes of these provisions. Specifies that the term does not include an analysis that involves a financial services provider's evaluation of any quantifiable risks of a consumer's participation in certain business activities or business associations, if the analysis is based on impartial, financial risk based standards that are: (1) established in advance; and (2) publicly disclosed to customers and potential customers; by the financial services provider. Provides that if a financial services provider refuses to provide, terminates, or restricts one or more financial services with respect to a consumer, the consumer may request from the financial services provider a statement of the specific reasons constituting the basis for the refusal, termination, or restriction. Provides that a financial services provider that receives such a request shall transmit to the consumer a written statement setting forth the specific reasons constituting the basis for the refusal, termination, or restriction. Sets forth requirements regarding the: (1) content of; and (2) means and time frame for submitting; a request or statement under these provisions. Provides that a violation of these provisions constitutes a deceptive act that is actionable under the deceptive consumer sales act only by the attorney general. Provides that a consumer aggrieved by a violation of these provisions may bring a civil action (including a class action) for damages, injunctive relief, or both.

Sponsors

Sponsors by party (alphabetical): Republican 4

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. January 28, 2025Representative Judy added as coauthor
2. January 27, 2025Representatives Lauer and Lucas added as coauthors
3. January 21, 2025First reading: referred to Committee on Financial Institutions
4. January 21, 2025Authored by Representative Ireland