NY A01022

Requires financial institutions to provide written notice with specific reasons within 10 days when denying applications for credit or deposit accounts, and at least 30 days advance notice before taking adverse actions on existing accounts

Mandates that customers be given a reasonable opportunity to contest or correct information used in decisions about account denials or adverse actions, and requires institutions to consider any information customers provide

Establishes penalties of $10,000 per violation plus actual damages, attorneys' fees, and punitive damages for repeat offenders when institutions fail to comply with notice requirements

Creates a presumption of unlawful discrimination when financial institutions violate the notice requirements, allowing customers to file complaints with either the Division of Human Rights or the Superintendent of Financial Services

Authorizes the Superintendent of Financial Services to promulgate rules and enforce the new banking bill of rights provisions