The "Guarantee Banking Act" is a proposed bill aimed at amending the South Carolina Code of Laws by adding Chapter 47 to Title 34. This chapter defines terms related to guarantee banking and establishes prohibitions against discrimination by financial institutions. Specifically, it outlines that financial institutions cannot take adverse actions against individuals based on their religious beliefs, speech, lawful economic activities, or any animus related to these factors. The bill also mandates that if a financial institution takes an adverse action, the affected individual has the right to request a detailed explanation of the reasons behind that action.

Additionally, the bill stipulates that any violation of its provisions is considered an unfair or deceptive act, allowing individuals to pursue civil actions for damages, including actual damages or a minimum of $10,000 per violation. The legislation also provides for the possibility of increased damages if the violation is found to be willful. Furthermore, it emphasizes that the chapter should be interpreted to protect the rights and beliefs safeguarded by the First Amendment and relevant state laws. The act will take effect upon the Governor's approval.