15 U.S.C. §1691 — Equal Credit Opportunity Act: scope of prohibition and required disclosures
ECOA's core statutory section. Prohibition on discrimination against any applicant in any aspect of a credit transaction on protected bases (§1691(a)); 30-day notification of action duty and specific-reasons statement on adverse action (§1691(d)); duty to furnish written appraisals and valuations on dwelling- first-lien loans no later than 3 days prior to closing, plus at-application notification of that right (§1691(e)). Implemented in Regulation B at 12 CFR Part 1002. Bootstrap target for Round C promotion; obligations populated from candidate file.
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Verbatim regulatory text
Verbatim provisions from 15 U.S.C. §1691 — Equal Credit Opportunity Act: scope of prohibition and required disclosures — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
15 U.S.C. §1691(a) — Activities constituting discrimination
(a) Activities constituting discrimination It shall be unlawful for any creditor to discriminate against any applicant , with respect to any aspect of a credit transaction—
15 U.S.C. §1691(d)(1) — Notification of action within 30 days
Within thirty days (or such longer reasonable time as specified in regulations of the Bureau for any class of credit transaction) after receipt of a completed application for credit , a creditor shall notify the applicant of its action on the application.
15 U.S.C. §1691(d)(2) — Statement of reasons for adverse action
Each applicant against whom adverse action is taken shall be entitled to a statement of reasons for such action from the creditor. A creditor satisfies this obligation by—
15 U.S.C. §1691(e)(1) — Furnish copies of appraisals and valuations to applicants
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the loan, whether the creditor grants or denies the applicant’ s request for credit or the application is incomplete or withdrawn.
15 U.S.C. §1691(e)(5) — At-application notification of right to receive appraisal and valuation copies
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.
15 U.S.C. §1691(a) — prohibited bases
(1) on the basis of race, color, religion, national origin, sex or marital status, or age (provided the applicant has the capacity to contract); (2) because all or part of the applicant ’s income derives from any public assistance program; or (3) because the applicant has in good faith exercised any right under this chapter.