NY A07794

Requires financial institutions to provide written notice of denial reasons within 10 days for credit or deposit account applications, and at least 30 days' advance written notice before taking adverse actions on existing accounts (5 days for fraud detection or point-of-sale transaction refusals).

Mandates financial institutions give applicants and customers a reasonable opportunity to contest or correct information and consider that information before making final decisions on denials or adverse actions.

Establishes civil penalties of $10,000 per violation, actual damages, reasonable attorneys' fees, and punitive damages for repeat violations, with violations creating a presumption of unlawful discriminatory practice.

Allows affected applicants or customers to file verified complaints with the superintendent of financial services instead of following standard discrimination complaint procedures, with filing barring subsequent recourse to other agencies.

Authorizes the superintendent of financial services to promulgate rules and regulations to implement the banking bill of rights and enforce compliance.