Bill > A11018

This bill establishes a "banking bill of rights" to ensure due process for New Yorkers when dealing with financial institutions, which include banks, credit unions, and other entities providing credit or deposit accounts. Under this bill, financial institutions must provide written notice of specific reasons for denying an application for a credit or deposit account within ten days, and for any adverse action (like closing an account or unfavorably changing terms, excluding actions due to inactivity or default) on an existing account, they must give at least thirty days' notice, with exceptions for point-of-sale denials or suspected fraud where notice is required as soon as reasonably possible but no later than five days after the action. Furthermore, customers must be given a reasonable opportunity to contest or correct information used in these decisions, and financial institutions must consider any information provided by the customer before making a final decision. Violations can result in penalties of ten thousand dollars per violation, actual damages, attorneys' fees, and potentially punitive damages, and a violation creates a presumption of unlawful discrimination. The bill also allows customers to file complaints with the superintendent of financial services, who is authorized to enforce these provisions and can issue orders determining liability.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A11018