Equal Credit Act

Summary

Equal Credit Act - Declares it unlawful for any creditor to discriminate on the basis of sex or marital status. Defines such discrimination regarding credit, credit cards, and federal related mortgage transactions. Directs the Federal Reserve Board to promulgate rules to carry out this Act. Specifies agencies which shall enforce this Act. Requires creditors to file reports each year with appropriate agencies showing extent of compliance with this Act, and for the agencies in turn to report to Congress. Requires every party to a federally related mortgage transaction to prepare and submit, according to regulations prescribed by the Secretary of Housing and Urban Development, a full report of any Acts and functions performed by such party as part of or in connection with such transaction. Prescribes civil liabilities and criminal penalties for violations of this Act.

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1 official file

• Introduced in House

  summary · EN · 2 October 1973

  Open at official source

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