94th Congress > House > Vote 677
Description: TO APPROVE THE CONFERENCE REPORT ON H.R. 6516, THE EQUAL CREDIT OPPORTUNITY ACT, A BILL AMENDING TITLE VII OF THE CONSUMER CREDIT PROTECTION ACT TO INCLUDE DISCRIMINATION ON THE BASIS OF RACE, COLOR, RELIGION, NATIONAL ORIGIN, AND AGE.
Bill summary: (Conference report filed in House, H. Rept. 94-873)
Equal Credit Opportunity Act Amendments - Adds a new section to title VII of the Consumer Credit Protection Act, which shall be entitled the Equal Credit Opportnity Act. Makes it unlawful for any creditor to discriminate against any applicant: (1) on the basis of race, color, religion, national origin, sex or marital status, or age; (2) because all or part of the applicant's income derives from any public assistance program; or (3) because
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the applicant has in good faith exercised any right under the Consumer Credit Protection Act. Permits any inquiry into marital status and age under the conditions enumerated in this Act.
Permits creditors to refuse to extend credit offered pursuant to any credit assistance program expressly for an economically disadvantaged class of persons; and pursuant to any special purpose credit program offered by a profitmaking organization to meet special social needs.
Requires creditors to respond to credit applications within 30 days. Entitles each applicant against whom an adverse action is taken to a statement of specific reasons for such refusal.
Exempts from the provisions of the Equal Credit Opportnity Act, any class of transactions not primarily for personal, family, or household purposes if it is determined by the Board of Governors of the Federal Reserve System that the application of such provisions would not contribute substantially to carrying out the purposes of such provisions.
Establishes a Consumer Advisory Council to advise and consult with the Board in the exercise of its functions under the Consumer Credit Protection Act.
Imposes actual and punitive damages on creditors who fail to comply with the provisions of the Equal Credit Opportunity Act.
Provides that no provision of title VII of the Consumer Credit Protection Act, as amended by this Act, imposing liability shall apply to any act done or omitted in good faith in conformity with any official rule, regulation, or interpretation thereof of the Board or in conformity with an interpretation or approval by an official or employee of the System duly authorized by the Board to issue such interpretations or approvals.
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Bill titles: An Act to amend title VII of the Consumer Credit Protection Act to include discrimination on the basis of race, color, religion, national origin, and age, and for other purposes.; A bill to amend the Equal Credit Opportunity Act to include discrimination on the basis of race, color, religion, national origin, and age, and for other purposes.
Original source documents: Digest of the Congressional Record vol. 122-33, p. H1710;
Links for more info on the vote: congress.gov
