New York financial data rights act provides for consumer and small business data accessibility and prohibits fees for data transfer.

The New York financial data rights act amends the banking law to establish rights for consumers and small businesses regarding their financial data. It mandates that financial institutions provide access to specified data in a secure, electronic, and machine-readable format upon request. The act prohibits financial institutions from imposing fees for data access and outlines obligations for authorized representatives, including obtaining consent and limiting data collection. It also includes provisions for security standards and enforcement, with penalties for violations.

New York financial data rights act provides for consumer and small business data accessibility and prohibits fees for data transfer.

The New York financial data rights act amends the banking law to establish rights for consumers and small businesses regarding their financial data. It mandates that financial institutions provide access to specified data in a secure, electronic, and machine-readable format upon request. The act prohibits financial institutions from imposing fees for data access and outlines obligations for authorized representatives, including obtaining consent and limiting data collection. It also includes provisions for security standards and enforcement, with penalties for violations.