SC H4616

Prohibits large financial institutions (banks with over $100 billion in assets or payment processors handling over $100 billion annually) from discriminating against customers based on religious beliefs, protected speech, political activity, or participation in lawful economic activity

Requires financial institutions to provide a detailed written statement of specific reasons within 30 days when a customer requests an explanation for denial, restriction, or termination of services

Creates a private right of action allowing harmed individuals to sue for actual damages or $10,000 per violation (whichever is greater), with damages tripled up to $30,000 for willful violations, plus attorney's fees

Establishes exceptions allowing institutions to take adverse actions in good faith based on account inactivity/default, legal prohibitions, service unavailability, profitability considerations, or safety and soundness concerns

Classifies violations as unfair or deceptive practices, empowering the State Attorney General to pursue additional legal remedies