SB 1107 Summary

• Establishes the Financial Services Freedom Act, prohibiting large banks and payment processors (with assets or transaction volume exceeding $100 billion) from discriminating against customers based on religious or political speech, views, or conduct protected by the First Amendment.

• Requires financial institutions to provide customers with written explanations within 14 days when service is denied, restricted, or terminated, including specific reasons and relevant terms of service provisions cited.

• Defines "social credit score" to include evaluations based on religious exercise, protected speech, greenhouse gas positions, diversity practices, abortion/gender reassignment services, and lawful business with firearms, fossil fuel, or agricultural entities.

• Creates private right of action allowing customers to sue for actual damages or $10,000 minimum per violation, with treble damages up to $30,000 for willful violations plus attorney fees and court costs; allows Attorney General enforcement.

• Classifies violations as Oklahoma Consumer Protection Act violations, effective November 1, 2025.