Guarantee Banking Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
The Guarantee Banking Act aims to increase fairness and transparency in banking within South Carolina. It defines key terms like ‘adverse action’ and ‘discrimination’ in the provision of financial services, specifically protecting religious freedom and protected speech. The act requires financial institutions to provide clear reasons for adverse actions and prohibits discriminatory practices based on protected characteristics. It also establishes a process for customers to request explanations and provides legal remedies for violations.
Key provisions
- Defines ‘adverse action’ and ‘discrimination’ in financial services.
- Requires financial institutions to provide a written explanation for adverse actions.
- Protects religious freedom and protected speech in the provision of financial services.
- Establishes criteria for determining which financial institutions are subject to the act (based on assets or transaction volume).
- Specifies ‘covered financial services’ including deposits, money transmission, and credit.
- Allows customers to request a statement of specific reasons for adverse actions.
- Outlines penalties for violating the act, including potential civil lawsuits and attorney’s fees.
- Provides exceptions for actions taken in good faith related to account inactivity, default, or legal requirements.
Who is affected
- Financial Institutions (banks, payment processors, etc.)
Bill text
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Sponsors
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3 on record
Primary sponsor
Cosponsors
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