SB 569
Transparency In Financial Services Act
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
The Transparency in Financial Services Act aims to protect individuals from discriminatory practices by financial institutions. It prohibits banks and payment processors from taking adverse actions against people based on their religion, speech, economic activity, or other protected characteristics. The bill establishes a process for customers to request explanations for adverse actions and creates legal remedies for violations, including the possibility of lawsuits and attorney’s fees. It also defines key terms related to financial services and discrimination.
Key provisions
- Prohibits financial institutions from taking adverse actions against individuals based on religion, speech, or economic activity.
- Requires financial institutions to provide a written explanation for adverse actions taken.
- Creates a legal cause of action for individuals who believe they have been discriminated against.
- Establishes a process for customers to request information about adverse actions.
- Defines key terms such as ‘adverse action,’ ‘discrimination,’ and ‘financial institution.’
- Allows for exceptions to the discrimination prohibitions under specific circumstances.
- Provides for potential penalties, including attorney’s fees, for violations.
- Sets an effective date for the law.
Who is affected
- Individuals
- Banks
- Payment Processors
- Credit Card Companies
- Consumers
Notable changes
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