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AR HB1049
Bill
Status
5/1/2023
Primary Sponsor
Stephen Meeks
Click for details
AI Summary
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Establishes the "Fair Access to Financial Services Act" under Arkansas Code Title 23, Chapter 32, effective January 1, 2024
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Prohibits financial institutions from denying financial services except based on documented failure to meet qualitative, impartial, risk-based financial standards established in advance by the institution
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Forbids financial institutions from using nonfinancial, nontraditional, or subjective criteria including environmental, social, and governance (ESG) standards; diversity, equity, and inclusion policies; or political and ideological factors
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Classifies violations as unfair and deceptive practices under the Deceptive Trade Practices Act, with Attorney General enforcement authority and private civil action rights available; commits five or more violations as a Class A misdemeanor
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Authorizes state financial regulators to promulgate rules necessary to implement and administer the act
Legislative Description
To Establish The Fair Access To Financial Services Act; And To Protect The Financial Freedom Of Arkansas Citizens And Businesses.
Last Action
Died in House Committee at Sine Die Adjournment
5/1/2023