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 establishes definitions for key terms, including "discriminatory factor" and "financial institution," and outlines specific circumstances under which financial institutions may not refuse or limit services based on discriminatory factors. The bill emphasizes the importance of transparency, requiring financial institutions to disclose the objective factors that influenced their decisions when requested by individuals who have been denied services.

Additionally, the bill authorizes enforcement actions by individuals who suffer losses due to violations, allowing them to seek damages or equitable relief. The Attorney General is also empowered to investigate and take action against financial institutions suspected of violations. The legislation specifies that individuals or the Attorney General can recover attorney fees and litigation costs if they prevail in a case, while also establishing a two-year statute of limitations for civil actions under this article.

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