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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.
NY S08115 allows loan applicants to consent to or opt out of banks' use of automated lending tools. Specifics on implementation and bank requirements are unknown without the full bill text.
If you use automated lending tools, you must allow applicants to opt out.
What do these statuses mean? ▼
Affected Industries
What This Means
The bill S08115 in New York concerns banks' use of automated tools for lending decisions. It gives loan applicants the choice to consent to or opt out, but specifics and potential bank requirements are unknown without the full bill text.
Key Provisions
- Allows loan applicants to consent to or opt out of the use of automated lending tools. Specifics on the process and any bank requirements are unknown without the full bill text.
Latest Legislative Action
REFERRED TO BANKS
Bill Sponsors (showing 5 of 6)
| Name | Role |
|---|---|
| CLEARE | Primary |
| HOYLMAN | Primary |
| James Sanders Jr. | Primary |
| James Skoufis D | Primary |
| SANDERS | Primary |
Roll Call Votes
Compliance Checklist
Who: Covered entities (banks and licensed lenders)
Deadline: Annually, prior to any material change.
Penalty: Potential fines or operational restrictions for non-compliance.
Who: Covered entities
Deadline: At least 24 hours before using the tool.
Penalty: Possible sanctions from the superintendent for failure to notify.
Related & Companion Bills
Full Legal Analysis
Official Source
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