The proposed bill, known as the Fair Access to Financial Services Act, aims to amend the Code of West Virginia by introducing new provisions that prohibit discrimination by financial institutions. It defines discriminatory factors that negatively impact individuals' rights, lawful commercial activities, and conscience rights, among others. The bill establishes that financial institutions cannot refuse or limit services based on these factors unless required by law. It also mandates that financial institutions must provide transparency regarding their decision-making processes when requested by individuals who have been denied services.

Additionally, the bill outlines enforcement mechanisms, allowing individuals who suffer losses due to violations to seek damages and equitable relief. The Attorney General is granted authority to investigate and take action against financial institutions suspected of violations. The legislation specifies that those who prevail in legal actions can recover attorney fees and litigation costs, while also establishing a two-year statute of limitations for filing claims. Overall, the bill seeks to enhance consumer protections and ensure fair access to financial services in West Virginia.

Statutes affected:
Introduced Version: 46A-6-102, 46A-6-105, 46A-6O-1, 46A-6O-2, 46A-6O-3, 46A-6O-4, 46A-6O-5, 46A-6O-6
Committee Substitute: 46A-6O-1, 46A-6O-2, 46A-6O-3, 46A-6O-4, 46A-6O-5
Committee Substitute for the Committee Substitute: 46A-6O-1, 46A-6O-2, 46A-6O-3, 46A-6O-4, 46A-6O-5