Establishes banking bill of rights, requiring financial institutions to provide reasons for credit or deposit account denials or closures.

The bill establishes the banking bill of rights in New York, requiring financial institutions to provide written notice of specific reasons for denial of credit or deposit account applications and adverse actions on existing accounts. It mandates a reasonable opportunity for applicants and customers to contest or correct information. Violators face penalties, including punitive damages and presumption of unlawful discriminatory practice. The superintendent of financial services enforces these provisions.

Establishes banking bill of rights, requiring financial institutions to provide reasons for credit or deposit account denials or closures.

The bill establishes the banking bill of rights in New York, requiring financial institutions to provide written notice of specific reasons for denial of credit or deposit account applications and adverse actions on existing accounts. It mandates a reasonable opportunity for applicants and customers to contest or correct information. Violators face penalties, including punitive damages and presumption of unlawful discriminatory practice. The superintendent of financial services enforces these provisions.