NY A00944

Requires financial institutions to obtain written informed consent from customers before disclosing confidential customer information to unaffiliated third parties.

Mandates financial institutions provide a "Financial Privacy Notice" at account opening and annually thereafter, clearly describing the types of information to be disclosed, recipients, uses, and customer rights including revocation of consent.

Establishes exceptions to disclosure requirements for professional service providers, fraud prevention, credit reporting agencies, government entities, court orders, and in connection with mergers or sales of the institution.

Requires financial institutions to maintain records of privacy notifications and customer consents for at least five years and complaint records for at least ten years.

Grants the Attorney General authority to seek injunctions and impose civil penalties up to $2,000 per violation, and provides customers a private right of action for damages up to three times actual damages or $1,000, whichever is greater, with potential attorney's fees.