House Bill No. [insert number] aims to regulate the practices of financial institutions by enacting R.S. 6:424, which prohibits certain unsafe and unsound practices. The bill defines key terms such as "discriminate," "financial institution," and "financial service," and establishes that financial institutions must base their service provision decisions on an analysis of risk factors unique to each customer. Notably, the bill prohibits financial institutions from denying or canceling services or discriminating against individuals based on political opinions, religious beliefs, or any non-quantitative, non-impartial factors, including the use of social credit scores.

Additionally, the bill mandates that financial institutions must annually attest to their compliance with these regulations, with penalties for non-compliance. If a financial institution engages in prohibited practices or fails to provide the required attestation, it will face sanctions under Louisiana Banking Law and the Unfair Trade Practices and Consumer Protection Act. The bill also includes a severability clause, ensuring that if any provision is deemed invalid, the remaining provisions will still be enforceable.