Bill
Bill > A07794
NY A07794
NY A07794Relates to establishing the banking bill of rights; includes due process requirements regarding applications for or closure of credit and deposit accounts and penalties for noncompliance.
summary
Introduced
06/15/2023
06/15/2023
In Committee
01/03/2024
01/03/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the executive law and the banking law, in relation to establishing the banking bill of rights
AI Summary
This bill establishes the "Banking Bill of Rights" in New York, which includes due process requirements for financial institutions regarding applications for or closure of credit and deposit accounts. The key provisions are: 1) Financial institutions must provide written notice of the specific reasons for denying an application or taking adverse action on an existing account, with certain exceptions. 2) Applicants and customers must be given a reasonable opportunity to contest or correct any information related to the denial or adverse action. 3) Financial institutions can be fined and liable for actual and punitive damages for violating these requirements. The bill aims to prevent discrimination and create a fair process for accessing banking services in New York.
Committee Categories
Business and Industry
Sponsors (8)
Zohran Mamdani (D)*,
Chris Burdick (D),
Charles Fall (D),
Ron Kim (D),
Dana Levenberg (D),
Nikki Lucas (D),
Rebecca Seawright (D),
Phara Souffrant Forrest (D),
Last Action
referred to banks (on 01/03/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2023/A7794 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A07794&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A07794 |
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