Establishes the banking bill of rights in New York, requiring financial institutions to provide specific reasons for credit or account denials and.

The bill establishes the banking bill of rights in New York, mandating that financial institutions provide written notice of the specific reasons for denial of credit or deposit account applications within ten days. It also requires institutions to notify existing customers of any adverse actions on their accounts, with exceptions for point-of-sale refusals or fraud detection. Financial institutions violating these provisions face penalties, including fines, actual damages, attorneys' fees, and punitive damages for repeat offenses.

Establishes the banking bill of rights in New York, requiring financial institutions to provide specific reasons for credit or account denials and.

The bill establishes the banking bill of rights in New York, mandating that financial institutions provide written notice of the specific reasons for denial of credit or deposit account applications within ten days. It also requires institutions to notify existing customers of any adverse actions on their accounts, with exceptions for point-of-sale refusals or fraud detection. Financial institutions violating these provisions face penalties, including fines, actual damages, attorneys' fees, and punitive damages for repeat offenses.