Bill Text: VA HB2073 | 2025 | Regular Session | Comm Sub
Bill Title: Financial institutions; discrimination prohibited, penalty.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced) 2025-01-21 - Subcommittee recommends passing by indefinitely (4-Y 3-N) [HB2073 Detail]
Download: Virginia-2025-HB2073-Comm_Sub.html
| OFFERED FOR CONSIDERATION | 1/21/2025 |
HOUSE BILL NO. 2073
AMENDMENT IN THE NATURE OF A SUBSTITUTE
(Proposed by the House Committee on Labor and Commerce
on ________________)
(Patron Prior to Substitute—Delegate Garrett)
A BILL to amend the Code of Virginia by adding in Article 2 of Chapter 1 of Title 6.2 a section numbered 6.2-108, relating to financial institutions; debanking; reporting required.
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding in Article 2 of Chapter 1 of Title 6.2 a section numbered 6.2-108 as follows:
§ 6.2-108. Debanking; reporting required.
A. As used in this section, "debanking" means a financial institution denying or cancelling services to a person or otherwise discriminating against a person in making available services, including in the terms and conditions of such services, on the basis of any of the following:
1. The person's political opinions, speech, or affiliations;
2. Except as provided in subsection B, the person's religious beliefs, religious exercise, or religious affiliations;
3. Any factor other than a quantitative, impartial, and risk-based standard, including any such factor related to the person's business sector; or
4. The use of a rating, scoring, analysis, tabulation, or action that considers a social credit score based on factors including (i) those listed in subdivisions 1 and 2; (ii) a person's lawful ownership of a firearm; (iii) a person's engagement in the lawful manufacture, distribution, sale, purchase, or use of firearms or ammunition; (iv) a person's engagement in the exploration, production, utilization, transportation, sale, or manufacture of timber, mined materials, agricultural products, or electricity produced by fossil fuels; (v) a person's support of governmental policies or efforts against illegal immigration, drug trafficking, or human trafficking; (vi) a person's association with any person described in this subdivision; or (vii) a person's failure to meet or comply with any of the following, provided that such person is in compliance with any applicable state or federal law:
a. Environmental standards, including emissions standards, benchmarks, requirements, or disclosures;
b. Social governance standards, benchmarks, or requirements, including environmental or social justice requirements;
c. Corporate board or company employment composition standards, benchmarks, requirements, or disclosures; or
d. Policies or procedures requiring or encouraging employee participation in social justice programming, including diversity, equity, or inclusion training.
B. Any financial institution that knows or has reason to know of an occurrence or allegation of debanking by a financial institution in the Commonwealth shall report such occurrence or allegation to the Bureau.
C. Nothing in this section shall restrict a financial institution that claims a religious purpose from making determination about the provision of services based on a person's religious beliefs, religious exercise, or religious affiliations.
