The proposed bill, known as the "Transparency in Financial Services Act," introduces a new chapter to Title 26 of the Idaho Code, which aims to enhance transparency and protect individuals from discrimination in financial services. It defines key terms, including "discriminate in the provision of financial services," which refers to the use of social credit scores to deny or restrict access to financial services. The bill mandates that financial institutions provide a detailed explanation to customers who experience service denial or termination, including the basis for such actions and relevant terms of service. Additionally, it prohibits financial institutions from discriminating against individuals based on their speech, religious practices, or other protected activities.

The bill also amends Section 26-107 of the Idaho Code to extend the applicability of certain provisions to national banks, ensuring that they are subject to the same regulations outlined in the new chapter. Furthermore, the legislation includes enforcement mechanisms, allowing the attorney general to investigate violations and enabling affected individuals to pursue civil actions. The act is set to take effect on July 1, 2025, following the declaration of an emergency.

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