It shall be unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction-
It shall not constitute discrimination for purposes of this subchapter for a creditor-
It is not a violation of this section for a creditor to refuse to extend credit offered pursuant to-
if such refusal is required by or made pursuant to such program.
Each creditor shall furnish to an applicant a copy of any and all written appraisals and valuations developed in connection with the applicant's application for a loan that is secured or would have been secured by a first lien on a dwelling promptly upon completion, but in no case later than 3 days prior to the closing of the loan, whether the creditor grants or denies the applicant's request for credit or the application is incomplete or withdrawn.
The applicant may waive the 3 day requirement provided for in paragraph (1), except where otherwise required in law.
The applicant may be required to pay a reasonable fee to reimburse the creditor for the cost of the appraisal, except where otherwise required in law.
Notwithstanding paragraph (3), the creditor shall provide a copy of each written appraisal or valuation at no additional cost to the applicant.
At the time of application, the creditor shall notify an applicant in writing of the right to receive a copy of each written appraisal and valuation under this subsection.
For purposes of this subsection, the term "valuation" shall include any estimate of the value of a dwelling developed in connection with a creditor's decision to provide credit, including those values developed pursuant to a policy of a government sponsored enterprise or by an automated valuation model, a broker price opinion, or other methodology or mechanism.
15 U.S.C. § 1691
Pub. L. 90-321, title VII, §701, as added Pub. L. 93-495, title V, §503, Oct. 28, 1974, 88 Stat. 1521; amended Pub. L. 94-239, §2, Mar. 23, 1976, 90 Stat. 251; Pub. L. 102-242, title II, §223(d), Dec. 19, 1991, 105 Stat. 2306; Pub. L. 111-203, title X, §§1071(b), 1085(1), title XIV, §1474, July 21, 2010, 124 Stat. 2059, 2083, 2199.
AMENDMENTS 2010-Pub. L. 111-203, §1085(1), substituted "Bureau" for "Board" wherever appearing.Subsec. (b)(5). Pub. L. 111-203, §1071(b), added par. (5).Subsec. (e). Pub. L. 111-203, §1474, amended subsec. (e) generally. Prior to amendment, subsec. (e) read as follows: "Each creditor shall promptly furnish an applicant, upon written request by the applicant made within a reasonable period of time of the application, a copy of the appraisal report used in connection with the applicant's application for a loan that is or would have been secured by a lien on residential real property. The creditor may require the applicant to reimburse the creditor for the cost of the appraisal."1991-Subsec. (e). Pub. L. 102-242 added subsec. (e).1976-Subsec. (a). Pub. L. 94-239 designated existing provisions as cl. (1), expanded prohibition against discrimination to include race, color, religion, national origin and age, and added cls. (2) and (3).Subsec. (b). Pub. L. 94-239 designated existing provisions as cl. (1) and added cls. (2) to (4). Subsecs. (c), (d). Pub. L. 94-239 added subsecs. (c) and (d).
EFFECTIVE DATE OF 2010 AMENDMENTPub. L. 111-203, title X, §1071(d), July 21, 2010, 124 Stat. 2059, provided that: "This section [enacting sectionof this title and amending this section] shall become effective on the designated transfer date." [The term "designated transfer date" is defined in section of Title 12, Banks and Banking, as the date established under section of Title 12.]Amendment by section 1085(1) of Pub. L. 111-203 effective on the designated transfer date, see section 1100H of Pub. L. 111-203, set out as a note under section of Title 5, Government Organization and Employees.Amendment by section 1474 of Pub. L. 111-203 effective on the date on which final regulations implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111-203, set out as a note under section of this title.
EFFECTIVE DATESection 708, formerly §707, of title VII of Pub. L. 90-321, as added by Pub. L. 93-495, title V, §503, Oct. 28, 1974, 88 Stat. 1525, renumbered and amended by Pub. L. 94-239, §§7, 8, Mar. 23, 1976, 90 Stat. 255, provided that: "This title [enacting this subchapter and provisions set out as notes under section 1691 of this title] takes effect upon the expiration of one year after the date of its enactment [Oct. 28, 1974]. The amendments made by the Equal Credit Opportunity Act Amendments of 1976 [enacting sectionof this title, amending this section and sections , , , and of this title, repealing section of this title, enacting provisions set out as notes under this section, and repealing provisions set out as a note under this section] shall take effect on the date of enactment thereof [Mar. 23, 1976] and shall apply to any violation occurring on or after such date, except that the amendments made to section 701 of the Equal Credit Opportunity Act [this section] shall take effect 12 months after the date of enactment [Mar. 23, 1976]."
SHORT TITLEThis subchapter known as the "Equal Credit Opportunity Act", see Short Title note set out under sectionof this title.
CONGRESSIONAL FINDINGS AND STATEMENT OF PURPOSEPub. L. 93-495, title V, §502, Oct. 28, 1974, 88 Stat. 1521, provided that: "The Congress finds that there is a need to insure that the various financial institutions and other firms engaged in the extensions of credit exercise their responsibility to make credit available with fairness, impartiality, and without discrimination on the basis of sex or marital status. Economic stabilization would be enhanced and competition among the various financial institutions and other firms engaged in the extension of credit would be strengthened by an absence of discrimination on the basis of sex or marital status, as well as by the informed use of credit which Congress has heretofore sought to promote. It is the purpose of this Act [see Short Title note set out under sectionof this title] to require that financial institutions and other firms engaged in the extension of credit make that credit equally available to all credit-worthy customers without regard to sex or marital status."