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TITLE 15 - CHAPTER 41 - SUBCHAPTER IV

Equal Credit Opportunity Act

Summary:

Parts of this act includes: Creditors/lenders cannot discriminate against credit applicants because of their race, sex, national origin, age, color, religion, and/or because their income comes from public assistance (example: disability and/or social security benefits). Lenders/creditors are permitted the use of gauges as a variable in a statistically sound, credit scoring system provided the age of an elderly (62 or over) applicant is not assigned a negative value and/or factor.

Lenders/creditors cannot refuse to consider income because it's from a retirement account, and/or part-time employment, and/or alimony/child support income. The lender/creditor cannot deny credit because a consumer exercised their right under the "Consumer Protection Act" (example: disputing a bill or disputing an error in their credit report).

If the applicant was denied: The lender/creditor must provide or inform the consumer of their right to request and receive the reason(s) for the denial and/or for any adverse actions taken because of the denial.

Subsection:

1691  Scope of prohibition

1691a  Definitions; rules of construction

1691b  Promulgation of regulations by Board; establishment of Consumer Advisory Council by Board; duties, membership, etc., of Council

1691c  Administrative enforcement

1691c-1  Incentives for self-testing and self-correction

1691d  Applicability of other laws

1691e  Civil liability

1691f  Annual reports to Congress; contents