The "Guarantee Banking Act" is a proposed bill aimed at enhancing fairness and transparency in banking practices within South Carolina. It introduces Chapter 47 to Title 34 of the South Carolina Code, defining key terms such as "adverse action," "discriminate in the provision of covered financial services," and "financial institution." The bill prohibits financial institutions from taking adverse actions against customers based on criteria such as religious beliefs, protected speech, participation in lawful economic activities, or animus towards individuals based on these factors. It also establishes a process for customers to request a statement of specific reasons for any adverse actions taken against them, ensuring that financial institutions provide clear and detailed explanations.

Additionally, the bill outlines the rights of individuals harmed by violations of this chapter, allowing them to seek actual damages, preventive relief, and reasonable attorneys' fees. It specifies that any violation constitutes an unfair or deceptive act, enabling the State Attorney General to pursue further legal remedies. The act emphasizes the importance of protecting First Amendment rights and clarifies that financial institutions are not in violation of the law if their actions are made in good faith and not motivated by discriminatory intent. The bill will take effect upon the Governor's approval.