The proposed bill introduces the "Transparency in Financial Services Act" by adding a new chapter to Title 26 of the Idaho Code. This chapter aims to define terms related to financial services, prohibit discrimination based on social credit scores, and require financial institutions to provide explanations when services are denied or restricted. It establishes that discrimination in financial services includes the refusal or limitation of services based on a person's exercise of protected rights, such as speech and religious practices. The bill also outlines the definitions of key terms, including "financial institution," "financial service," and "social credit score," while emphasizing the protection of individual rights under the First Amendment.

Additionally, the bill amends Section 26-107 of the Idaho Code to extend the applicability of certain provisions to national banks, specifically including the new sections from the Transparency in Financial Services Act. The legislation includes enforcement mechanisms, allowing the Attorney General to investigate violations and enabling individuals harmed by such violations to seek civil remedies. The bill declares an emergency, setting an effective date of July 1, 2025, for its provisions to take effect.

Statutes affected:
Bill Text: 26-107
Engrossment 1: 26-107