ERIC Number: ED235066
Record Type: Non-Journal
Publication Date: 1980-Dec
Reference Count: N/A
The Equal Credit Opportunity Act and Credit Rights in Housing.
Board of Governors of the Federal Reserve System, Washington, DC.
Designed for the general public and possibly suitable also for high school economics students, this pamphlet describes the provisions of the Equal Credit Opportunity Act. The act prohibits discrimination because of race, color, religion, national origin, sex, marital status, and age when applying for a mortgage or home improvement loan. The pamphlet presents general rules for lenders and specifically states that a lender may not: (1) discourage an applicant from applying for a loan; (2) refuse to make a loan to qualified applicants; (3) lend an applicant money on terms different from those granted another applicant with similar assets; (4) rely on a property appraisal based on the racial makeup of a neighborhood; (5) ask about childbearing plans; (6) refuse to consider reliable alimony, child support, or separate maintenance payments; (7) refuse to consider reliable income from part-time employment or public assistance; or (8) require another signature on a creditworthy applicant's loan. The legal obligations of the lender in the event that a loan is denied are briefly described. The Home Mortgage Disclosure Act, The Community Reinvestment Act, and the Fair Housing Act are also briefly described. The final section presents a list of names and locations of federal enforcement agencies which deal with questions concerning fair credit laws. (LH)
Publication Type: Guides - General; Legal/Legislative/Regulatory Materials
Education Level: N/A
Authoring Institution: Board of Governors of the Federal Reserve System, Washington, DC.