The proposed "Equality in Financial Services Act" aims to enhance transparency and accountability among financial institutions by requiring them to provide specific reasons when they refuse, restrict, or terminate financial services to individuals. The bill defines key terms such as "discriminate in the provision of financial services," "financial institution," and "social credit score," emphasizing that discrimination based on social credit scores is prohibited. It mandates that if a financial institution denies service, the affected person can request a detailed explanation within 90 days, which must be provided within 30 days of the request. The act also outlines penalties for violations, allowing individuals to seek damages or preventive relief through civil action.

Additionally, the bill includes provisions for severability, ensuring that if any part of the act is deemed invalid, the remaining sections will still be enforceable. The act is set to take effect on July 1, 2025, and is intended to be codified as part of Title 30, chapter 14, part 1 of the Montana Code. Overall, the legislation seeks to protect individuals from discriminatory practices in financial services and uphold their rights to fair treatment.