The proposed bill introduces the "Transparency in Financial Services Act" by adding a new Chapter 38 to Title 26 of the Idaho Code. This chapter aims to enhance transparency in financial services by defining key terms, prohibiting discrimination based on social credit scores, and requiring financial institutions to provide explanations when services are denied or restricted. It outlines the definitions of terms such as "financial institution," "financial service," and "social credit score," and emphasizes the protection of individual rights under the First Amendment. Additionally, it mandates that if a financial institution refuses service, it must provide a detailed explanation to the affected customer within a specified timeframe.

Furthermore, 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 introduced by this act. The legislation also establishes enforcement mechanisms, allowing the Attorney General to investigate violations and enabling individuals harmed by such violations to pursue civil action. The bill includes a severability clause to ensure that if any part of the act is found unconstitutional, the remaining provisions will still stand. An emergency clause is included, making the act effective on July 1, 2025.

Statutes affected:
Bill Text: 26-107
Engrossment 1: 26-107
Engrossment 2: 26-107