Revisions to New York’s Executive Law Section 296-a
December 24, 2003, edited March 26, 2018
To the President of the Institution Addressed:
Re: Revisions to New York’s Executive Law Section 296-a
As part of the New York State Banking Department’s ("NYSBD") ongoing effort to strengthen compliance with Article 15, Section 296-a of the Executive Law, New York State’s fair lending statute, the following information regarding recent revisions to the statute is provided as a reminder to our supervised institutions, their subsidiaries and affiliates to help them in complying with the law.
The following two prohibited bases for lending discrimination have been added to Article 15, Section 296-a of the Executive Law, New York State’s fair lending statute:
- Sexual Orientation
- Military Status
Accordingly, under Article 15, Section 296-a of New York’s Executive Law, it is unlawful for any creditor or any officer, agent or employee thereof to discriminate in the case of applications for the granting, withholding, extending, renewing of credit or in the fixing of interest rates, terms or conditions of any form of credit on the basis of race, creed, color, national origin, sexual orientation, military status, age, sex, marital status, disability or familial status.
This letter should serve only as general information for the institution’s efforts in complying with Article 15, Section 296-a of the Executive Law. For guidelines on how to formulate a fair lending plan consistent with Article 15, Section 296-a of the Executive Law, please refer to the Industry Letter dated February 18, 2000 (https://www.dfs.ny.gov/legal/industry/il000218.htm).
If you have any questions about the above or any other fair lending issues, we would welcome the opportunity to meet with you to discuss your concerns.
Very truly yours,
Edward B. Kramer
Deputy Superintendent of Banks
Consumer Services Division