The "Guarantee Banking Act" is a proposed amendment to the South Carolina Code of Laws that aims to enhance fairness and transparency in banking practices. It introduces Chapter 47 to Title 34, defining key terms such as "adverse action," "discriminate in the provision of covered financial services," and "financial institution." The bill prohibits financial institutions from discriminating against customers based on protected criteria, including religious beliefs, free speech, and lawful economic activities. It also establishes a process for customers to request a statement of reasons if they experience adverse actions, requiring financial institutions to provide specific explanations within a set timeframe.

Additionally, the bill outlines the rights of individuals harmed by violations, allowing them to seek actual damages, preventive relief, and attorney's fees. It specifies that any violation of the chapter constitutes an unfair or deceptive act, enabling the State Attorney General to pursue further legal remedies. The act also clarifies that state or local governments cannot impose similar restrictions on financial institutions not covered by this chapter unless mandated by federal or state law. The provisions of the act are designed to protect First Amendment rights and ensure that financial institutions operate without discrimination. The act will take effect upon the Governor's approval.