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SC S1069
Bill
Status
Introduced
3/31/2026
Primary Sponsor
Thomas Alexander
Click for details
AI Summary
- Prohibits banks with over $100 billion in assets and payment processors handling over $100 billion in annual transactions from discriminating against customers based on their religious practices, protected speech, political opinions, or participation in lawful economic activity
- Requires financial institutions to provide a written statement of specific reasons within 30 days when a customer requests explanation for service refusal, restriction, or termination
- 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 ($30,000 minimum) for willful violations, plus attorney's fees
- Authorizes the State Attorney General to pursue violations as unfair or deceptive trade practices
- Exempts actions taken in good faith based on account inactivity, default, legal compliance requirements, service unavailability, or legitimate business factors like profitability and safety
Legislative Description
Guarantee Banking Act
Last Action
Referred to Committee on Banking and Insurance
3/31/2026
Committee Referrals
Banking and Insurance3/31/2026
Full Bill Text
No bill text available