Introduced

Passed House

Passed Senate

Became law

Adjourned sine die. The bill was pending when the session ended, so it did not pass.

Last action · February 7, 2025

To Banking & Insurance (H)

Introduced February 5, 2025

House

Adjourned Sine Die

2025 Regular Session

HB314

AN ACT relating to equality in access to financial services.

Create a new section of KRS Chapter 367 to define terms; prohibit financial institutions from discriminating in, or agreeing, conspiring, or coordinating to discriminate in, the provision of financial services by utilizing a social credit score; establish notice requirements when a financial institution refuses to provide, restricts, or terminates financial services; make violation an unfair, false, misleading, or deceptive trade practice in violation of KRS 367.170; establish remedies; authorize enforcement by the Attorney General; require construction in favor of broad protection of conduct, opinions, and beliefs protected by certain laws.

Attorney General Banks and Financial Institutions Consumer Affairs Federal Laws and Regulations Loans and Credit

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This bill would prohibit banks and other financial institutions from using a "social credit score" to deny, restrict, or cancel services for customers in Kentucky. It would also require financial institutions to notify customers when services are refused or ended, and would allow the state Attorney General to take action against institutions that violate these rules. Violations would be treated as unfair or deceptive trade practices under existing Kentucky consumer protection law. Who it may affect: Kentuckians who use banks or other financial services, and financial institutions operating in Kentucky.

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