Guarantee Banking Act (H5538 - South Carolina)

• Prohibits large financial institutions (banks with over $100 billion in total assets or payment processors handling over $100 billion in annual transactions) from discriminating against customers based on their religious exercise, protected speech, political expression, associations, 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 an adverse action such as account denial, restriction, or termination; vague references to "internal standards" or credit scoring are deemed insufficient.

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

• Designates any violation as an unfair or deceptive act or practice, empowering the State Attorney General to pursue additional legal remedies, while also allowing courts to award attorney's fees to financial institutions that prove a plaintiff filed suit in bad faith.

• Exempts good-faith business decisions from liability, including actions related to account inactivity or default, compliance with legal requirements, maximizing profitability, and maintaining institutional safety and soundness, provided they are not motivated by discriminatory animus.