The proposed "Equality in Financial Services Act" aims to enhance transparency and accountability among financial institutions by requiring them to provide specific reasons for denying or terminating 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 the protection of individuals' rights under the First Amendment. It mandates that if a financial institution refuses 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 prohibits financial institutions from engaging in discriminatory practices and outlines penalties for violations, including the possibility of civil action for damages.

Additionally, the bill includes provisions for codification, severability, and an effective date of July 1, 2025. It establishes that any unlawful practices by financial institutions can lead to civil actions where individuals may seek damages or preventive relief. The act is designed to ensure that financial services are provided fairly and without bias, particularly concerning individuals' beliefs and activities protected by law.