The "Equality in Financial Services Act" aims to amend the South Carolina Code of Laws by adding Chapter 31 to Title 37, which prohibits financial institutions from discriminating in the provision of financial services based on various factors, including race, religion, and social views. The bill defines key terms such as "discriminate in the provision of financial services," "financial institution," and "social credit score," emphasizing that financial institutions must make decisions based on impartial criteria and provide transparency when denying services. It also outlines the responsibilities of financial institutions to disclose reasons for service denial and the conditions under which they may restrict or terminate services.

Additionally, the bill establishes that any violation of this chapter constitutes a violation of the South Carolina Unfair Trade Practices Act, allowing the Attorney General to investigate and take legal action against offending financial institutions. Individuals harmed by such violations can seek damages or preventive relief through civil action. The act is designed to protect citizens' rights to free speech and religious exercise while ensuring fair access to financial services, and it will take effect upon the Governor's approval.