SB 28 IN

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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 for damages, injunctive relief, or both.

• James Tomes Republican · author
• Gary Byrne Republican · author
• Aaron Freeman Republican · author

1. Jan 8, 2024 Authored by Senator Tomes · upper
2. Jan 8, 2024 First reading: referred to Committee on Insurance and Financial Institutions · upper
3. Jan 9, 2024 Senator Byrne added as second author · upper
4. Jan 9, 2024 Senator Freeman added as third author · upper
5. Jan 9, 2024 Senator Niemeyer added as coauthor · upper

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

• Introduced Senate Bill (S) · PDF