Guarantee Banking Act aims to ensure fairness and transparency in banking services in South Carolina.

The Guarantee Banking Act, enacted in South Carolina, aims to ensure fairness and transparency in banking services. It prohibits financial institutions from discriminating in the provision of covered financial services, which include depository accounts, money transmission, and credit. The act mandates that financial institutions provide specific reasons for adverse actions taken against customers, such as refusal to provide service or termination of service. It also allows for civil actions by those harmed by violations, with potential damages and legal fees.

Guarantee Banking Act aims to ensure fairness and transparency in banking services in South Carolina.

The Guarantee Banking Act, enacted in South Carolina, aims to ensure fairness and transparency in banking services. It prohibits financial institutions from discriminating in the provision of covered financial services, which include depository accounts, money transmission, and credit. The act mandates that financial institutions provide specific reasons for adverse actions taken against customers, such as refusal to provide service or termination of service. It also allows for civil actions by those harmed by violations, with potential damages and legal fees.