TRANSPARENCY IN FINANCIAL SERVICES – Adds to existing law to provide for transparency in financial services.

Idaho's S 1027, the "Transparency in Financial Services Act," requires large financial institutions (banks with over $100 billion in assets or payment processors handling similar transaction volumes) to explain service denials or restrictions based on protected activities. It prohibits using "social credit scores" that discriminate against customers for exercising protected speech, religion, business associations (like fossil fuel or firearm industries), or refusing certain diversity initiatives. Financial institutions must provide written explanations within 14 days if a customer requests reasons for service denial, including specifics about how protected activities influenced the decision. The law takes effect July 1, 2025, and violations would be enforced under Idaho's Consumer Protection Act.