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ARTICLE · 18 JUNE 2024

Florida Expands Its "De-Banking" Law

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Florida is one of several states that has enacted "de-banking" legislation that requires financial institutions to provide consumers with fair access to financial...

United StatesFinance and Banking
A.J. Dhaliwal
A.J. Dhaliwal
Mehul Madia
Mehul Madia
Maxwell Earp-Thomas
Maxwell Earp-Thomas
Grace Mackoul
Grace Mackoul
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Florida is one of several states that has enacted "de-banking" legislation that requires financial institutions to provide consumers with fair access to financial products and services. On May 3, Governor DeSantis signed into law H.B. 989, which amends and expands upon that law and provides additional protection for consumers against discrimination by financial institutions.

In July 2023, Florida enacted legislation which requires financial institutions to provide consumers with fair access to financial products and services. Under that law, financial institutions are prohibited from denying or cancelling financial products or services based on factors such as a person's political views, religious beliefs, social credit scores, and any other factor that is not a non-quantitative, impartial, risk-based standard. The law was enacted in response to the perceived "de-banking" of consumers with conservative ideologies. However, the law did not create a complaint process

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