2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 655 - Financial Institutions Generally › 655.0323 - Unsafe and Unsound Practices.

655.0323 Unsafe and unsound practices.—
(1) Financial institutions must make determinations about the provision or denial of services based on an analysis of risk factors unique to each current or prospective customer or member and may not engage in an unsafe and unsound practice as provided in subsection (2). This subsection does not restrict a financial institution that claims a religious purpose from making such determinations based on the current or prospective customer’s or member’s religious beliefs, religious exercise, or religious affiliations.
(2) It is an unsafe and unsound practice for a financial institution to deny or cancel its services to a person, or to otherwise discriminate against a person in making available such services or in the terms or conditions of such services, on the basis of:
(a) The person’s political opinions, speech, or affiliations;
(b) Except as provided in subsection (1), the person’s religious beliefs, religious exercise, or religious affiliations;
(c) Any factor if it is not a quantitative, impartial, and risk-based standard, including any such factor related to the person’s business sector; or
(d) The use of any rating, scoring, analysis, tabulation, or action that considers a social credit score based on factors including, but not limited to:
1. The person’s political opinions, speech, or affiliations.
2. The person’s religious beliefs, religious exercise, or religious affiliations.
3. The person’s lawful ownership of a firearm.
4. The person’s engagement in the lawful manufacture, distribution, sale, purchase, or use of firearms or ammunition.
5. The person’s engagement in the exploration, production, utilization, transportation, sale, or manufacture of fossil fuel-based energy, timber, mining, or agriculture.
6. The person’s support of the state or Federal Government in combating illegal immigration, drug trafficking, or human trafficking.
7. The person’s engagement with, facilitation of, employment by, support of, business relationship with, representation of, or advocacy for any person described in this paragraph.
8. The person’s failure to meet or commit to meet, or expected failure to meet, any of the following as long as such person is in compliance with applicable state or federal law:
a. Environmental standards, including emissions standards, benchmarks, requirements, or disclosures;
b. Social governance standards, benchmarks, or requirements, including, but not limited to, environmental or social justice;
c. Corporate board or company employment composition standards, benchmarks, requirements, or disclosures based on characteristics protected under the Florida Civil Rights Act of 1992; or
d. Policies or procedures requiring or encouraging employee participation in social justice programming, including, but not limited to, diversity, equity, or inclusion training.
(3) Beginning July 1, 2023, and by July 1 of each year thereafter, financial institutions subject to the financial institutions codes must attest, under penalty of perjury, on a form prescribed by the commission whether the entity is acting in compliance with subsections (1) and (2).
(4) Engaging in a practice described in subsection (2) or failing to timely provide the attestation under subsection (3) is a failure to comply with this chapter, constitutes a violation of the financial institutions codes, and is subject to the applicable sanctions and penalties provided for in the financial institutions codes.
(5) Notwithstanding ss. 501.211 and 501.212, a failure to comply with subsection (1) or engaging in a practice described in subsection (2) constitutes a violation of the Florida Deceptive and Unfair Trade Practices Act under part II of chapter 501. Violations must be enforced only by the enforcing authority, as defined in s. 501.203(2), and subject the violator to the sanctions and penalties provided for in that part. If such action is successful, the enforcing authority is entitled to reasonable attorney fees and costs.
(6) The office and the commission may not exercise authority pursuant to s. 655.061 in relation to this section.
History.—s. 25, ch. 2023-28.