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House Bill
HB 1049:
Limits decision-making of financial institutions
Not Bipartisan
Bill Primary sponsors
Rep. Stephen Meeks
Cosponsors
None
Filed 1.03.23
Full Bill Title
An act to amend the law concerning financial institutions; To establish the Fair Access to Financial Services Act; To protect the financial freedom of Arkansas citizens and businesses; To provide for penalties and enforcement; And for other purposes
Summary
What it does
This bill would make it illegal for banks or other financial institutions to deny a person or business any financial service the institution offers on any other criterial than “qualitative, impartial risk-based financial standards.”
Quote from the bill: “A financial institution shall not utilize standards or guidelines on nonfinancial, nontraditional, or subjective measures, including without limitation environmental, social, and governance criteria; diversity, equity, and inclusive policies; or political and ideological factors.”
Penalties
Violations of the proposed law would:
- Be considered unfair or deceptive practices under the Deceptive Trade Practices Act and be subject to litigation from the Attorney General
- Open to civil lawsuits by those impacted by the financial institution’s decision
- Be guilty of a Class A misdemeanor after 5 or more violations
Options: Filed, on agenda, passed, failed… (more)
Status
Filed
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