House Bill

HB 1049:

Limits decision-making of financial institutions

Not Bipartisan

Bill Primary sponsors

Rep. Stephen Meeks



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


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.”


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)




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