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, while also specifying exceptions. The bill prohibits financial institutions from discriminating against customers based on various criteria, including religious beliefs, political expression, and participation in certain business activities, while allowing for the evaluation of financial risks based on established standards.

Additionally, the bill mandates that if a financial institution takes an adverse action, the affected individual can request a detailed explanation within 90 days. It establishes that any violation of these provisions constitutes an unfair or deceptive act, allowing harmed individuals to pursue civil actions for damages or injunctive relief. The bill also includes a severability clause to ensure that if any part is found invalid, the remaining provisions will still be enforceable. Overall, the legislation seeks to enhance transparency and protect consumers from discriminatory practices in financial services.