Indiana 2025 Regular Session

Indiana House Bill HB1528

Introduced
1/21/25  

Caption

Discrimination in providing financial services.

Impact

This bill will significantly alter the landscape of trade regulation within Indiana by addressing discriminatory practices that may occur in financial services. It empowers consumers to challenge decisions made by financial institutions based on biased credit scoring methods, thereby setting a precedent for consumer rights in financial dealings. The bill encourages inclusivity and fair treatment by preventing financial institutions from using social criteria that could unjustly limit access to financial services for certain demographics, potentially impacting vulnerable populations disproportionately.

Summary

House Bill 1528 introduces the 'Equality in Financial Services Act' aimed at prohibiting financial services providers from discriminating against consumers by using a social credit score to determine access or conditions for financial services. The bill defines 'social credit score' and establishes regulations that ensure all consumers have fair access to financial products without undue prejudice. The implementation date of this law is set for July 1, 2025. Consumers are granted the right to request explanations from financial institutions regarding denied or restricted services, ensuring it fosters transparency in financial dealings.

Contention

Despite its intentions, HB1528 has sparked debates among stakeholders, particularly concerning the definition and implications of a 'social credit score.' Critics argue that the bill may overly complicate the operational processes of financial institutions, particularly when assessing risks associated with potential clients. Supporters, on the other hand, emphasize that it is essential to guard against discrimination based on personal beliefs or behaviors unrelated to financial credibility. The balance between maintaining rigorous financial assessments and ensuring fairness for consumers remains a critical point of contention around the bill.

Companion Bills

No companion bills found.

Previously Filed As

IN SB0028

Discriminatory financial services practices.

IN HB1084

Privacy of firearms financial transactions.

IN HB1224

Antisemitic discrimination.

IN SB0220

Financial institutions and consumer credit.

IN HB1490

Employment discrimination claims in state court.

IN HB1087

Prohibited discrimination in housing.

IN HB1124

Prohibition of race based hair discrimination.

IN SB0094

Prohibition of race based hair discrimination.

IN HB1284

Prohibition of race based hair discrimination.

IN SB0452

Consumer credit and financial institutions.

Similar Bills

IN SB0028

Discriminatory financial services practices.

PA HB1947

Providing for consumer data privacy, for rights of consumers and duties of businesses relating to the collection of personal information and for duties of the Attorney General.

PA HB1201

Providing for consumer data privacy, for duties of controllers and for duties of processors; and imposing penalties.

IN SB0358

Consumer data protection.

IN SB0005

Consumer data protection.

HI SB1110

Relating To Consumer Data Protection.

HI HB1497

Relating To Consumer Data Protection.

HI SB1110

Relating To Consumer Data Protection.