SB 663
Creating Fair Access to Financial Services Act
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
Senate Bill 663, the "Transparency and Accountability in Financial Services Act," aims to increase transparency and prevent discrimination in financial services within West Virginia. The bill establishes requirements for financial institutions to disclose reasons for denying services and prohibits using social credit scores to discriminate against consumers. It also creates a new enforcement mechanism and defines key terms related to financial services and consumer protection.
Key provisions
- Requires financial institutions to provide written explanations upon request for denying or restricting financial services.
- Prohibits the use of ‘social credit scores’ to discriminate against consumers in the provision of financial services.
- Establishes a new article (46A-6O) in the West Virginia Consumer Credit and Protection Act to address transparency and accountability.
- Defines ‘financial institution’ broadly, including banks and payment processors with significant transaction volume.
- Creates a new enforcement mechanism through the Attorney General to address violations of the act.
- Requires financial institutions to disclose the conditions under which they will deny financial services.
- Specifically prohibits discrimination based on religious exercise, association, speech, social views, or participation in certain industries.
- Clarifies that social credit scores cannot include evaluations of a person’s religious exercise, speech, or association.
Who is affected
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yours