Oklahoma Senate Bill SB1107

Oklahoma 2025 Regular Session

• Introduced: 2/3/25
• Refer: 2/4/25
• Failed: 3/3/25

Caption

Financial services; creating the Financial Services Freedom Act. Effective date.

Impact

The bill seeks to amend the Oklahoma Consumer Protection Act, adding specific provisions that criminalize the refusal of service based on discriminatory criteria. It reinforces the notion that access to financial services is a fundamental requirement for full participation in the marketplace. By including penalties for violations and empowering both the Attorney General and private individuals to take legal action, the bill aims to enhance accountability among financial institutions and reduces their capacity to act as regulators of personal conduct in a politicized manner.

Summary

Senate Bill 1107, known as the Financial Services Freedom Act, aims to protect consumers from discriminatory practices by financial institutions, particularly large banks and payment processors. The act prohibits these institutions from denying access to financial services based on factors such as a customer's religious or political beliefs, which are often assessed through informal 'social credit scores'. The bill emphasizes the right of consumers to seek explanations from financial institutions when services are denied, thus promoting transparency in such decisions.

Contention

While proponents of SB1107 argue that it is necessary to protect individuals from unfair treatment and promote freedom of speech and expression, critics may raise concerns about the potential implications of allowing individuals to litigate against financial institutions, which could lead to frivolous lawsuits. The bill introduces tension between consumer protections and the operational autonomy of financial institutions, particularly in how they assess risk and allocate their resources without the pressure of potential legal repercussions stemming from subjective interpretations of 'discrimination'.