This bill introduces new regulations for financial institutions and insurers, mandating that they base their service decisions on objective, quantitative, and risk-based criteria. Specifically, it prohibits these entities from denying or canceling services based on non-quantitative factors, including a person's political opinions, religious beliefs, or affiliations, unless the institution claims a religious purpose. The bill also outlines that financial institutions and insurers must analyze risk factors unique to each customer and cannot use social credit scores or other subjective measures in their decision-making processes.

Additionally, the bill amends existing laws to ensure that both financial institutions and insurers cannot discriminate against individuals based on various factors, including lawful ownership of firearms, engagement in certain industries, or failure to meet specific environmental or social governance standards, as long as they comply with applicable laws. The bill provides remedies for aggrieved parties and classifies violations as unfair or deceptive acts, subject to penalties under existing trade and commerce laws. The effective date of the act is set for 60 days after its passage.

Statutes affected:
Introduced: 417:4