Relating to the prohibition on certain discrimination in the extension of credit to organizations based on social credit or value-based standards.
What changed between versions
Changed protection from individuals to organizations, meaning the law now prevents lenders from denying credit to organizations based on their social credit scores, ESG scores, diversity practices, or industry affiliations rather than protecting individual borrowers.
Removed protections for individual borrowers based on sex, race, religion, and other protected characteristics, as these are already covered by existing fair lending laws.
Added language clarifying that lenders cannot deny credit to organizations based on subjective or value-based standards like social credit scores, diversity practices, or industry affiliations, while still allowing decisions based on quantitative financial risk assessments.
Fixed formatting errors, corrected bill number from A946 to 946, and updated sponsor information from 'AAHughes' to 'Hughes, King'.
