Equal Credit Opportunity Act

Summary

Equal Credit Opportunity Act - Provides that a creditor may not discriminate against any person on the basis of sex or marital status in connection with the approval or denial of any extension of credit. States that a creditor which discriminates on the basis of sex or marital status shall be liable to that person in an amount equal to the sum of: (1) the principal amount of credit extended or applied for, whichever is larger, except that the liability shall be not less than $100 nor greater than $1,000 in an individual action, or in the case of a class action, not more than the greater of $50,000 or 2 percent of the net worth of the creditor as of the end of the creditor's fiscal year immediately preceding the fiscal year in which the discrimination occurred; and (2) in the case of any successful action to enforce the foregoing liability, the costs of the action together with a reasonable attorney's fee as determined by the court. Provides that any action under this Act may be brought in any United States district court, or in any court of competent jurisdiction, within one year from the date of occurence of the violation.

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1 official file

• Introduced in House

  summary · EN · 9 April 1974

  Open at official source

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