Disclaimer: This page provides general informational summaries only and does not constitute legal advice. AI-generated content may contain errors. Always consult a qualified attorney for guidance specific to your situation.
Read full disclaimer →
View full title
Relates to the use of automated lending decision-making tools by banks for the purposes of making lending decisions; allows loan applicants to consent to or opt out of such use.
AI Summary
NY A00773: Relates to the use of automated lending decision-making tools by banks, allowing applicants to consent to or opt out of such use.
Business Impact
If you operate a bank using automated lending tools, you must obtain applicant consent by the effective date or face regulatory penalties.
What do these statuses mean? ▼
Introduced
— Filed in the legislature; not yet heard in committee
In Committee
— Assigned to and being reviewed by a legislative committee
Passed
— Approved by one or both chambers; awaiting further action
Signed / Enacted
— Signed into law by the governor; may or may not be in effect yet
Dead / Vetoed
— Vetoed, failed to pass, or session expired without action
Unknown
— Status data not yet available or awaiting classification
Affected Industries
What This Means
Relates to the use of automated lending decision-making tools by banks, allowing loan applicants to consent to or opt out.
Key Provisions
- Allows applicants to consent to or opt out of automated decision-making tools.
Latest Legislative Action
print number 773c
Bill Sponsors (showing 5 of 7)
| Name | Role |
|---|---|
| CAHILL | Primary |
| Linda Rosenthal D | Primary |
| PRETLOW | Primary |
| ROSENTHAL L | Primary |
| Dana Levenberg D | Cosponsor |
Compliance Checklist
Conduct annual impact assessments of automated lending tools
Who: Covered entities (banks and licensed lenders)
Deadline: Annually
Penalty: Potential cessation of tool use if discriminatory outcomes are found
Who: Covered entities (banks and licensed lenders)
Deadline: Annually
Penalty: Potential cessation of tool use if discriminatory outcomes are found
Notify loan applicants about the use of automated decision-making tools
Who: Covered entities
Deadline: At least 24 hours before use
Penalty: Non-compliance may lead to regulatory action
Who: Covered entities
Deadline: At least 24 hours before use
Penalty: Non-compliance may lead to regulatory action
Related & Companion Bills
Full Legal Analysis
The bill allows applicants to consent to or opt out of automated decision-making tools. The specific methods for obtaining consent or opting out are not detailed in the bill description.
Official Source
Official Bill Text
View A00773 on official legislature website →
More New York AI Legislation
S 6954
Requires synthetic content creations system providers to include prov…
Medium
A 9581
Requires covered businesses to annually report to the department of l…
Medium
S 8706
Requires covered businesses to annually report to the department of l…
Medium
S 9051
Prohibits artificial intelligence companions from using features whic…
High
A 10379
Prohibits artificial intelligence companions from using features whic…
Medium
S06955
Establishes the artificial intelligence training data transparency ac…
Medium
View All NY Laws →
More New York AI Laws
Browse all published AI bills and regulations for New York.