The proposed legislation, titled the "Fair Access to Financial Services Act," aims to amend existing laws concerning financial institutions in Arkansas. It establishes a new subchapter that emphasizes the right of Arkansas citizens and businesses to access financial services without discrimination based on non-objective criteria. The Act outlines that financial institutions must not deny services unless justified by documented, objective financial standards. It also prohibits the use of nonfinancial criteria, such as environmental or political factors, in decision-making processes related to financial services.

Additionally, the Act provides enforcement mechanisms and penalties for violations, categorizing them as unfair and deceptive practices under the Deceptive Trade Practices Act. The Attorney General is granted authority to enforce these provisions, and individuals harmed by violations can seek civil action. Notably, the Act will take effect on January 1, 2024.