The proposed bill aims to protect individuals from discrimination by financial institutions in South Dakota. It introduces definitions for key terms such as "adverse action," "covered financial service," and "discriminate in the provision of covered financial services," which includes actions based on a person's exercise of religion, speech, or participation in lawful economic activities. The bill mandates that individuals can request a statement from a financial institution within ninety days of an adverse action, detailing the reasons for that action. The financial institution is required to respond within thirty days, providing specific reasons that cannot simply reference internal policies or credit scoring failures.

Additionally, the bill prohibits financial institutions from discriminating in the provision of services and outlines permissible actions that do not constitute discrimination, such as changes in account terms agreed upon by customers or actions taken due to inactivity or legal prohibitions. Violations of this chapter are classified as deceptive trade practices, allowing affected individuals or the attorney general to pursue civil actions for damages, injunctive relief, and attorney fees. The bill also stipulates that willful violations may result in treble damages, while institutions can defend against claims of bad faith.