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 with respect to approval or denial of terms of credit in connection with any sale, loan, or other extension of credit. 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 money damages. 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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 30 May 1973

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.