An Act Regarding Nondiscrimination In Financial Services

LD 880 requires Maine financial institutions (like banks, credit unions, and insurance companies) to offer services based solely on clear financial risk assessments, not non-financial factors like environmental or diversity policies. If a financial institution uses non-financial criteria to deny a service, it must disclose the specific reasons to both the customer and the state bureau overseeing financial institutions. The law imposes a $10,000 fine for each violation, with repeated violations (5+ in a year) treated as a Class D crime. This directly affects customers denied services based on subjective criteria and ensures transparency in financial decision-making.