Tennessee House Bill HB1836

Tennessee 2023-2024 Regular Session

• Introduced: 1/11/24
• Refer: 1/24/24

Caption

AN ACT to amend Tennessee Code Annotated, Title 9, Chapter 4 and Title 45, relative to financial practices.

Impact

The implications of HB1836 on state law are significant as it attempts to establish a more equitable framework for how financial institutions operate. By prohibiting discrimination based on personal characteristics and affiliations, the bill aims to protect customers from biased decision-making that could adversely affect their access to financial services. However, the bill's specific allowance for religiously affiliated institutions to make decisions based on religious beliefs could lead to concerns regarding the potential for subjective biases in financial service provisions.

Summary

House Bill 1836 seeks to amend the Tennessee Code by addressing the financial practices of institutions. It specifically outlines the criteria under which financial institutions can determine the provision or denial of services. The bill mandates that such determinations be based on risk factors that are unique to each customer, while preventing discrimination based on a range of non-quantitative factors. Notably, this includes restrictions against using social credit scores that consider an individual's political opinions, religious beliefs, firearm ownership, or engagement in specific economic activities like fossil fuel operation or agriculture.

Contention

There are several notable points of contention surrounding HB1836. Supporters argue that the bill is essential for ensuring fairness in financial services, especially in a landscape where biases can lead to discrimination. Critics, on the other hand, may highlight that the exemptions provided to religious institutions could result in selective service denial based on personal beliefs. Furthermore, the bill's treatment of social credit scores sparks debate about the transparency and fairness of financial assessments, indicating a growing discourse on the balance between risk management and individual rights.