House Bill No. 418, introduced by Representative Wilder, aims to regulate the practices of financial institutions regarding their transactions with customers. The bill enacts a new section, R.S. 51:1430, which defines key terms such as "adverse action," "discriminate in the provision of financial services," and "financial institution." It outlines that an adverse action includes decisions that deny or restrict access to financial services based on specific criteria, including religious beliefs, speech, and other protected activities. The bill prohibits financial institutions from discriminating against customers and requires them to provide a statement of specific reasons if they take an adverse action against a person.

Additionally, the bill establishes that any violation of these provisions constitutes an unfair or deceptive act, allowing affected individuals to initiate civil actions for damages or injunctive relief. It also includes a provision for severability, ensuring that if any part of the law is deemed invalid, the remaining sections will still be enforceable. The bill emphasizes the importance of transparency and accountability in financial services, aiming to protect consumers from discriminatory practices.