ID H0560

Creates the "Equality in Financial Services Act" prohibiting large financial institutions (banks with over $100 billion in assets or payment processors that handled over $100 billion in transactions) from discriminating based on "social credit scores" that evaluate protected speech, religious exercise, political activity, or participation in fossil fuel or firearms industries.

Defines "social credit score" to include any analysis evaluating a person's First Amendment-protected activities, greenhouse gas emission targets, diversity/racial audits, abortion or gender reassignment facilitation, or involvement in fossil fuel and firearms businesses, with a narrow exception for impartial financial-risk-based standards that are publicly disclosed in advance.

Requires financial institutions to provide customers with written explanations within 14 days if service is refused, restricted, or terminated, including the specific basis for denial and applicable terms of service provisions.

Prohibits coordination or conspiracy between persons to engage in prohibited discrimination.

Makes violations enforceable under Idaho's consumer protection act, allowing the attorney general to investigate and enforce violations and permitting harmed individuals to pursue civil actions for remedies.

Effective date: July 1, 2024.