financial services, the financial institution must provide a written explanation detailing the reasons for the refusal, including any discriminatory factors considered in the decision-making process.

§46A-6O-5. Enforcement and penalties.

(a) The Attorney General of West Virginia is authorized to enforce the provisions of this article and may initiate legal action against any financial institution found to be in violation of this act.

(b) Any person aggrieved by a violation of this article may seek recovery of attorney fees and litigation costs in addition to any damages incurred.

(c) The statute of limitations for bringing an action under this article shall be three years from the date of the alleged violation.

The West Virginia State Legislature has introduced Senate Bill 663, known as the Fair Access to Financial Services Act, aimed at addressing discrimination in financial services. Introduced on March 13, 2025, the bill seeks to prohibit financial institutions from denying services based on discriminatory factors, which include a person's lawful commercial activities, conscience rights regarding abortion and gender transition services, and compliance with environmental or diversity-related audits.

The bill's proponents argue that it is essential to ensure equitable access to financial services for all West Virginians, particularly in light of growing concerns about the influence of social and political agendas on financial institutions. By mandating transparency, the legislation aims to hold financial institutions accountable for their decisions, requiring them to provide clear explanations for service denials.

However, the bill has sparked notable debate among lawmakers and stakeholders. Critics express concerns that the legislation may hinder financial institutions' ability to manage risk effectively, potentially leading to unintended consequences in the financial sector. Additionally, some argue that the bill could create a legal minefield for financial institutions, exposing them to increased litigation and regulatory scrutiny.

The economic implications of Senate Bill 663 could be significant. By enforcing non-discriminatory practices, the bill may foster a more inclusive financial environment, potentially benefiting small businesses and marginalized communities. Conversely, if financial institutions perceive the legislation as overly burdensome, it could lead to reduced investment in the state or a withdrawal of services from certain markets.

As the bill progresses through the legislative process, its future remains uncertain. Stakeholders are closely monitoring discussions, anticipating amendments that could address concerns raised during debates. The outcome of Senate Bill 663 could set a precedent for how financial services operate in West Virginia, influencing broader discussions on discrimination and access to essential services across the nation.