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S 1027

Relates to web-based videoconferencing of public meetings

2025 Regular Session Introduced by Jabari Brisport and 3 co-sponsors

The act prohibits very large financial firms from denying or restricting services based on customers' protected political speech or religious exercise, and requires a written expla

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Bill Summary · S 1027

Summary — S 1027: "Transparency in Financial Services Act" (Idaho)

Note on source materials: the packet provided contains mixed documents from multiple jurisdictions (Idaho bill text and fiscal note, plus unrelated Massachusetts materials and a list of U.S. Senate cosponsors). This summary focuses on the Idaho legislation titled the "Transparency in Financial Services Act" (new Chapter 38, Title 26, Idaho Code), as set out in the bill text and fiscal note included.

Purpose / Intent

The bill aims to prohibit very large financial firms from denying, terminating, or restricting financial services on the basis of customers’ protected political speech, religious exercise, or certain non‑financial behaviors — commonly framed as preventing use of a "social credit score." It also creates a transparency requirement: customers denied or cut off must be given a written explanation on request.

Key provisions

  • New Chapter 38, Title 26 (Transparency in Financial Services Act) is added to Idaho Code.
  • Covered entities ("financial institution"):
    • Banks with total assets over $100,000,000,000; and
    • Payment processors/credit card companies/networks/payment service providers/gateways that processed > $100,000,000,000 in transactions in the last calendar year.
    • Includes affiliates/subsidiaries owned or controlled by a covered institution.
  • Definition of "social credit score": any rating/analysis that evaluates, among other things, a person’s protected religious exercise or political speech, refusal to adopt voluntary greenhouse gas targets or diversity audits beyond legal requirements, refusal to facilitate employee abortions or gender‑reassignment services, and (depending on version) participation in fossil fuel or weapons/knife businesses.
    • Carve‑out: evaluation of quantifiable financial risk based on impartial, risk‑based standards established in advance and publicly disclosed is not a prohibited "social credit score" (limited exception for assessing credit/risk).
  • Transparency requirement:
    • If service is refused/restricted/terminated, a customer may request, within 90 days, a statement of specific reasons.
    • Institution must provide the statement by mail or email within 14 days, including (a) detailed basis for denial (including any speech/religious/business activity considered), (b) copy of terms of service, (c) citation to specific terms relied upon.
  • Prohibitions:
    • Covered institutions may not discriminate in provision of financial services on the defined bases, nor coordinate with others to do so.
  • Exceptions: institutions may decline services where there is evidence of fraud, criminal conduct, incitement to unlawful action, threats/violence, or other categories of unprotected speech.
  • Enforcement:
    • Violations are treated as violations of the Idaho Consumer Protection Act (Title 48, ch. 6).
    • Idaho Attorney General may investigate/enforce; private civil actions allowed with remedies per section 48‑608, Idaho Code.
  • Other: severability clause; amendment to apply certain code sections to national banks; emergency/effective date language included in the bill text.

Who is affected

  • Primary: a small subset of very large banks and payment processors meeting the $100 billion asset/processing thresholds (and their affiliates).
  • Secondary: customers of those covered institutions in Idaho (individuals, businesses, nonprofits).
  • State enforcement agencies (Attorney General) may use existing consumer protection tools to investigate or litigate violations.

Fiscal/procedural notes & timeline

  • Fiscal note attached states the bill is unlikely to affect public funds; prosecution/enforcement would be covered by existing state budget.
  • Bill text shows emergency/effective date language. Provided legislative action entries indicate the bill passed the Idaho Legislature in March 2025 and was signed by the Governor on 03/24/2025 with an effective date of 07/01/2025. (Because the packet includes mixed jurisdictional materials, readers should confirm final enactment and effective date in the official Idaho legislative records.)

Potential impacts / issues to watch

  • Compliance burden and disclosure processes for covered institutions (internal reviews, customer notices).
  • Litigation risk and private actions under the consumer protection act.
  • Narrow coverage (only very large institutions) means most banks/processors are not covered; however affiliates of covered entities are included.
  • The bill attempts to balance free‑speech/religious protections with conventional risk‑based underwriting through an explicit carve‑out for disclosed financial risk standards; the scope of that carve‑out may be a focus of legal challenges.

Compiled from official sources — confirm details with the bill’s official record.

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