House Bill

HB1049:

Restricts decision-making of financial institutions

Sponsor

Bill Primary sponsors

Meeks (Stephen)

Cosponsors

Filed: 1/9/2023 2:01:57 PM

Original Title

To establish the fair access to Financial Services Act; and to protect the financial freedom of Arkansas citizens and businesses.

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.” That means they can't choose who gets their services based on diversity or equity, social, environmental or other ideological business priorities. 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 the institution to civil lawsuits by those impacted by the financial institution’s decision, and be a Class A misdemeanor after 5 or more violations.

Options: In Committee

Status

In House Insurance and Commerce

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