Equal Credit Act

Summary

Equal Credit Act - Makes unlawful any discrimination by a creditor or card issuer on account of sex or marital status against any individual or business enterprise with respect to approval or denial or terms of credit in connection with any sale, loan, or other extension of credit, or with respect to the issuance, renewal, denial, or terms of any credit card. Requires creditors or card issuers to take into account the combined income of both spouses for the purpose of extending credit to a married couple or either spouse. Prohibits such creditors from relying on the probability or assumption that the income of any individual may be diminished because of the sex or marital status of such individual. Provides that any creditor who discriminates against an individual in such manner shall be liable to such individual for three times the amount of credit applied for, but not to exceed $10,000. States that whenever a creditor or card issuer fails to extend credit or to issue or renew a credit, he shall, upon the written request of such person and after disclosing the availability of such procedure to the applicant, promptly transmit to the applicant a notice of denial stating the reasons for the failure to extend credit or to issue or renew a credit card. Provides for administrative enforcement of these requirements under the Federal Deposit Insurance Act in the case of banks; under the Home Owners Loan Act, the National Housing Act, and the Federal Home Loan Bank Act, in the case of any institutions subject to those Acts; and under the Federal Credit Union Act, in the case of any credit union. Provides that the Federal Trade Commission shall enforce all requirements not otherwise committed to some other agency. Provides criminal sanctions for violation of this Act.

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1 official file

• Introduced in House

  summary · EN · 7 May 1974

  Open at official source

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