Ask Reggi Your Question Now
Can you summarize NYCL BNK 9-R?
Short Title; Definitions; Miscellaneous Provisions > Geographic restrictions
Short Summary
This legal document prohibits banking institutions from refusing to open a deposit account solely based on the geographic location of the depositor’s residence or place of business. However, banking institutions are allowed to require proof of residence or place of business within the same county or city to comply with anti-money laundering or fraud prevention laws. The document defines ‘banking institution’ as any bank, trust company, savings bank, savings and loan association, or branch of a foreign banking corporation insured by the federal deposit insurance corporation. No specific penalties are mentioned in this document.
Whom does it apply to?
Banking institutions
What does it govern?
Refusing to open a deposit account solely based on the geographic location of the depositor's residence or place of business
What are exemptions?
Banking institutions may require proof of residence or place of business within the same county or city to comply with anti-money laundering or fraud prevention laws
What are the Penalties?
No specific penalties mentioned
Jurisdiction
New York