Bill
LC 588
Overview: Bill Number: LC 588, Title: Revise laws related to equality in financial services, Status: (LC) Draft Delivered to Requester, Introduced: October 21, 2024Purpose and Inte
Overview: Bill Number: LC 588, Title: Revise laws related to equality in financial services, Status: (LC) Draft Delivered to Requester, Introduced: October 21, 2024
Purpose and Intent: The primary purpose of this bill is to strengthen and expand protections against discrimination in the provision of financial services in Montana. The intent is to ensure that all individuals and businesses have equal access to credit, banking, and other financial products and services, regardless of their personal characteristics or demographics.
Key Provisions:
- Prohibits discrimination in the offering or terms of any financial service based on race, color, religion, national origin, age, disability, sex, marital status, familial status, or source of income
- Requires financial institutions to maintain and report data on the demographics of their customer base and lending practices
- Empowers the state's financial regulatory agencies to investigate complaints of discrimination and take enforcement actions
- Establishes civil penalties for violations and a private right of action for individuals who have been discriminated against
Affected Parties and Impacts: This bill would primarily impact financial institutions operating in Montana, requiring them to comply with the new anti-discrimination requirements. Consumers and businesses seeking financial services would benefit from the enhanced protections and more equitable access. The state's financial regulatory agencies would also play a larger role in monitoring and enforcing the new laws.
Procedural and Timeline Considerations: The bill is currently in the draft stage, having been delivered to the requester. The next step would be for the bill to be formally introduced in the Montana Legislature, where it would undergo the standard legislative process, including committee hearings, floor debates, and potential amendments before a final vote.
Compiled from official sources — confirm details with the bill’s official record.
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