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Equal Credit
Opportunity Act
|
701.
Prohibited discrimination; reasons for adverse
action.
702.
Definitions.
703.
Regulations.
704.
Administrative enforcement.
704A.
Incentives for self-testing and self-correction.
705.
Relation to State laws.
706.
Civil liability.
707.
Annual reports to Congress.
708.
Effective date.
709.
Short title.
§ 701. Prohibited discrimination; reasons for
adverse action
(a) It shall be unlawful for any creditor to
discriminate against any applicant, with respect to any
aspect of a credit transaction--
(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 the Consumer Credit Protection
Act.
(b) It shall not constitute discrimination for
purposes of this title for a creditor--
(1) to make an inquiry of marital status if such
inquiry is for the purpose of ascertaining the
creditor's rights and remedies applicable to the
particular extension of credit and not to discriminate
in a determination of credit-worthiness;
(2) to make an inquiry of the applicant's age or of
whether the applicant's income derives from any public
assistance program if such inquiry is for the purpose of
determining the amount and probable continuance of
income levels, credit history, or other pertinent
element of credit-worthiness as provided in regulations
of the Board;
(3) to use any empirically derived credit system
which considers age if such system is demonstrably and
statistically sound in accordance with regulations of
the Board, except that in the operation of such system
the age of an elderly applicant may not be assigned a
negative factor or value; or
(4) to make an inquiry or to consider the age of an
elderly applicant when the age of such applicant is to
be used by the creditor in the extension of credit in
favor of such applicant.
(c) It is not a violation of this section for a
creditor to refuse to extend credit offered pursuant
to--
{{6-30-06 p.6610.50}}
(1) any credit assistance program expressly
authorized by law for an economically disadvantaged
class of persons;
(2) any credit assistance program administered by a
nonprofit organization for its members or an
economically disadvantaged class of persons; or
(3) any special purpose credit program offered by a
profit-making organization to meet special social needs
which meets standards prescribed in regulations by the
Board;
if such refusal is required by or made pursuant to such
program.
(d)(1) Within thirty days (or such longer reasonable
time as specified in regulations of the Board 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.
(2) 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--
{{2-28-92 p.6611}}
(A) providing statements of reasons in writing as
a matter of course to applicants against whom adverse
action is taken; or
(B) giving written notification of adverse action
which discloses (i) the applicant's right to a statement
of reasons within thirty days after receipt by the
creditor of a request made within sixty days after such
notification, and (ii) the identity of the persons or
office from which such statement may be obtained. Such
statement may be given orally if the written
notification advises the applicant of his right to have
the statement of reasons confirmed in writing on written
request.
(3) A statement of reasons meets the requirements
of this section only if it contains the specific reasons
for the adverse action taken.
(4) Where a creditor has been requested by a third
party to make a specific extension of credit directly or
indirectly to an applicant, the notification and
statement of reasons required by this subsection may be
made directly by such creditor, or indirectly through
the third party, provided in either case that the
identity of the creditor is disclosed.
(5) The requirements of paragraph (2), (3), or (4)
may be satisfied by verbal statements or notifications
in the case of any creditor who did not act on more than
one hundred and fifty applications during the calendar
year preceding the calendar year in which the adverse
action is taken, as determined under regulations of the
Board.
(6) For purposes of this subsection, the term
"adverse action" means a denial or revocation of credit,
a change in the terms of an existing credit arrangement,
or a refusal to grant credit in substantially the amount
or on substantially the terms requested. Such term does
not include a refusal to extend additional credit under
an existing credit arrangement where the applicant is
delinquent or otherwise in default, or where such
additional credit would exceed a previously established
credit limit.
(e) 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.
[Codified to 15 U.S.C. 1691]
[Source: Section 701 of title VII of the Act of May
29, 1968 (Pub. L. No. 90--321), as added by section 503
of title V of the Act of October 28, 1974 (Pub. L. No.
93--495; 88 Stat. 1521), effective October 28, 1975, as
amended by section 2 of the Act of March 23, 1976 (Pub.
L. No. 94--239; 90 Stat. 251), effective March 23, 1977;
section 223(d) of title II of the Act of December 19,
1991 (Pub. L. No. 102--242; 105 Stat. 2306), effective
December 19, 1991]
NOTES
Findings and purpose. Section 502 of title V
of the Act of October 28, 1974 provides as follows:
§ 502. Findings and purpose
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 compe-tition 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
[Equal Credit Opportunity] Act to require that financial
institutions and other firms engaged in the extension of
credit make that credit equally available to all
creditworthy customers without regard to sex or marital
status.
{{2-28-92 p.6612}}
§ 702. Definitions
(a) The definitions and rules of construction set
forth in this section are applicable for the purposes of
this title.
(b) The term "applicant" means any person who applies
to a creditor directly for an extension, renewal, or
continuation of credit, or applies to a creditor
indirectly by use of an existing credit plan for an
amount exceeding a previously established credit limit.
(c) The term "Board" refers to the Board of Governors
of the Federal Reserve System.
(d) The term "credit" means the right granted by a
creditor to a debtor to defer payment of debt or to
incur debts and defer its payment or to purchase
property or services and defer payment therefor.
(e) The term "creditor" means any person who
regularly extends, renews, or continues credit; any
person who regularly arranges for the extension,
renewal, or continuation of credit; or any assignee of
an original creditor who participates in the decision to
extend, renew, or continue credit.
(f) The term "person" means a natural person, a
corporation, government or governmental subdivision or
agency, trust, estate, partnership, cooperative, or
association.
(g) Any reference to any requirement imposed under
this title or any provision thereof includes reference
to the regulations of the Board under this title or the
provision thereof in question.
[Codified to 15 U.S.C. 1691a]
[Source: Section
702 of title VII of the Act of May 29, 1968 (Pub. L. No.
90--321), as added by section 503 of title V of the Act
of October 28, 1974 (Pub. L. No. 93--495; 88 Stat.
1522), effective October 28, 1975]
§ 703. Regulations
(a)(1) The Board shall prescribe regulations to carry
out the purposes of this title. These regulations may
contain but are not limited to such classifications,
differentiation, or other provision, and may provide for
such adjustments and exceptions for any class of
transactions, as in the judgment of the Board are
necessary or proper to effectuate the purposes of this
title, to prevent circumvention or evasion thereof, or
to facilitate or substantiate compliance therewith.
(2) Such regulations may exempt from the provisions
of this title any class of transactions that are not
primarily for personal, family, or household purposes,
or business or commercial loans made available by a
financial institution, except that a particular type
within a class of such transactions may be exempted if
the Board determines, after making an express finding
that the application of this title or of any provision
of this title of such transaction would not contribute
substantially to effecting the purposes of this title.
(3) An exemption granted pursuant to paragraph (2)
shall be for no longer than five years and shall be
extended only if the Board makes a subsequent
determination, in the manner described by such
paragraph, that such exemption remains appropriate.
(4) Pursuant to Board regulations, entities making
business or commercial loans shall maintain such records
or other data relating to such loans as may be necessary
to evidence compliance with this subsection or enforce
any action pursuant to the authority of this Act. In no
event shall such records or data be maintained for a
period of less than one year. The Board shall promulgate
regulations to implement this paragraph in the manner
prescribed by chapter 5 of title 5, United States Code.
(5) The Board shall provide in regulations that an
applicant for a business or commercial loan shall be
provided a written notice of such applicant's right to
receive a written statement of the reasons for the
denial of such loan.
[Codified to 15 U.S.C. 1691b]
[Source: Section 703 of title VII of the Act of May
29, 1968 (Pub. L. No. 90--321), as added by section 503
of title V of the Act of October 28, 1974 (Pub. L. No.
93--495; 88 Stat. 1522), effective October 28, 1975, as
amended by section 3 of the Act of March 23, 1976 (Pub.
L.
{{4-30-97 p.6613}}No.
94--239; 90 Stat. 252), effective March 23, 1976;
section 301 of title III of the Act of October 25, 1988
(Pub. L. No. 100--533; 102 Stat. 2692), effective
October 25, 1988]
§ 704. Administrative enforcement
(a) Compliance with the requirements imposed under
this title shall be enforced under:
(1) section 8 of the Federal Deposit Insurance Act,
in the case of--
(A) national banks, and Federal branches and
Federal agencies of foreign banks, by the Office of the
Comptroller of the Currency;
(B) member banks of the Federal Reserve System
(other than national banks), branches and agencies of
foreign banks (other than Federal branches, Federal
agencies, and insured State branches of foreign banks),
commercial lending companies owned or controlled by
foreign banks, and organizations operating under section
25 or 25(a) of the Federal Reserve Act, by the Board of
Governors of the Federal Reserve System; and
(C) banks insured by the Federal Deposit
Insurance Corporation (other than members of the Federal
Reserve System) and insured State branches of foreign
banks, by the Board of Directors of the Federal Deposit
Insurance Corporation;
(2) Section 8 of the Federal Deposit Insurance Act,
by the Director of the Office of Thrift Supervision, in
the case of a savings association the deposits of which
are insured by the Federal Deposit Insurance
Corporation.
(3) The Federal Credit Union Act, by the
Administrator of the National Credit Union
Administration with respect to any Federal Credit Union.
(4) The Acts to regulate commerce, by the Secretary
of Transportation, with respect to all carriers subject
to the jurisdiction of the Surface Transportation Board.
(5) The Federal Aviation Act of 1958, by the Civil
Aeronautics Board with respect to any carrier or foreign
air carrier subject to that Act.
(6) The Packers and Stockyards Act, 1921 (except as
provided in section 406 of that Act), by the Secretary
of Agriculture with respect to any activities subject to
that Act.
(7) The Farm Credit Act of 1971, by the Farm Credit
Administration with respect to any Federal land bank,
Federal land bank association, Federal intermediate
credit bank, and production credit association;
(8) The Securities Exchange Act of 1934, by the
Securities and Exchange Commission with respect to
brokers and dealers; and
(9) The Small Business Investment Act of 1958, by
the Small Business Administration, with respect to small
business investment companies.
The terms used in paragraph (1) that are not defined
in this title or otherwise defined in section 3(s) of
the Federal Deposit Insurance Act (12 U.S.C. 1813(s))
shall have the meaning given to them in section 1(b) of
the International Banking Act of 1978 (12 U.S.C. 3101).
(b) For the purpose of the exercise by any agency
referred to in subsection (a) of its powers under any
Act referred to in that subsection, a violation of any
requirement imposed under this title shall be deemed to
be a violation of a requirement imposed under that Act.
In addition to its powers under any provision of law
specifically referred to in subsection (a), each of the
agencies referred to in that subsection may exercise for
the purpose of enforcing compliance with any requirement
imposed under this title, any other authority conferred
on it by law. The exercise of the authorities of any of
the agencies referred to in subsection (a) for the
purpose of enforcing compliance with any requirement
imposed under this title shall in no way preclude the
exercise of such authorities for the purpose of
enforcing compliance with any other provision of law not
relating to the prohibition of discrimination on the
basis of sex or marital status with respect to any
aspect of a credit transaction.
(c) Except to the extent that enforcement of the
requirements imposed under this title is specifically
committed to some other Government agency under
subsection (a), the Federal Trade Commission shall
enforce such requirements. For the purpose of the
exercise by the Federal Trade Commission of its
functions and powers under the Federal Trade Commission
Act, a violation of any requirement imposed under this
title shall be
{{4-30-97 p.6614}}deemed
a violation of a requirement imposed under that Act. All
of the functions and powers of the Federal Trade
Commission under the Federal Trade Commission Act are
available to the Commission to enforce compliance by any
person with the requirements imposed under this title,
irrespective of whether that person is engaged in
commerce or meets any other jurisdictional tests in the
Federal Trade Commission Act, including the power to
enforce any Federal Reserve Board regulation promulgated
under this title in the same manner as if the violation
had been a violation of a Federal Trade Commission trade
regulation rule.
(d) The authority of the Board to issue regulations
under this title does not impair the authority of any
other agency designated in this section to make rules
respecting its own procedures in enforcing compliance
with requirements imposed under this title.
[Codified to 15 U.S.C. 1691c]
[Source: Section
704 of title VII of the Act of May 29, 1968 (Pub. L. No.
90--321), as added by section 503 of title V of the Act
of October 28, 1974 (Pub. L. No. 93--495; 88 Stat.
1522), effective October 28, 1975, and as amended by
section 4 of the Act of March 23, 1976 (Pub. L. No.
94--239; 90 Stat. 253), effective March 23, 1976;
section 744(m) of title VII of the Act of August 9, 1989
(Pub. L. No. 101--73; 103 Stat. 439), effective August
9, 1989; section 212(d) of title II of the Act of
December 19, 1991 (Pub. L. No. 102--242; 105 Stat.
2301), effective December 19, 1991; section 1604(a)(8)
of title XVI of the Act of October 28, 1992 (Pub. L. No.
102--550, 106 Stat. 4082), effective December 19, 1991;
section 315 of title III of the Act of December 29, 1995
(Pub. L. No. 104--88; 109 Stat. 948), effective December
29, 1995]
§ 704A. Incentives for self-testing and
self-correction.
(a) PRIVILEGED INFORMATION.--
(1) CONDITIONS FOR PRIVILEGE.--A report or result
of a self-test (as that term is defined by regulations
of the Board) shall be considered to be privileged under
paragraph (2) if a creditor--
(A) conducts, or authorizes an independent third
party to conduct, a self-test of any aspect of a credit
transaction by a creditor, in order to determine the
level or effectiveness of compliance with this title by
the creditor; and
(B) has identified any possible violation of this
title by the creditor and has taken, or is taking,
appropriate corrective action to address any such
possible violation.
(2) PRIVILEGED SELF-TEST.--If a creditor meets the
conditions specified in subparagraphs (A) and (B) of
paragraph (1) with respect to a self-test described in
that paragraph, any report or results of that
self-test--
(A) shall be privileged; and
(B) may not be obtained or used by any applicant,
department, or agency in any--
(i) proceeding or civil action in which one or
more violations of this title are alleged; or
(ii) examination or investigation relating to
compliance with this title.
(b) RESULTS OF SELF-TESTING.--
(1) IN GENERAL.--No provision of this section may
be construed to prevent an applicant, department, or
agency from obtaining or using a report or results of
any self-test in any proceeding or civil action in which
a violation of this title is alleged, or in any
examination or investigation of compliance with this
title if--
(A) the creditor or any person with lawful access
to the report or results--
(i) voluntarily releases or discloses all, or
any part of, the report or results to the applicant,
department, or agency, or to the general public; or
(ii) refers to or describes the report or
results as a defense to charges of violations of this
title against the creditor to whom the self-test
relates; or
(B) the report or results are sought in
conjunction with an adjudication or admission of a
violation of this title for the sole purpose of
determining an appropriate penalty or remedy.
{{4-30-97 p.6614.01}}
(2) Disclosure for determination of penalty or
remedy.--Any report or results of a self-test that
are disclosed for the purpose specified in paragraph
(1)(B)--
(A) shall be used only for the particular
proceeding in which the adjudication or admission
referred to in paragraph (1)(B) is made; and
(B) may not be used in any other action or
proceeding.
(c) ADJUDICATION.--An applicant, department, or
agency that challenges a privilege asserted under this
section may seek a determination of the existence and
application of that privilege in--
(1) a court of competent jurisdiction; or
(2) an administrative law proceeding with
appropriate jurisdiction.
[Codified to 15 U.S.C. 1691c-1]
[Section 704 of
title VII of the Act of May 29, 1968 (Pub. L. No.
90-321), as added by section 2302 of title II of the Act
of September 30, 1996 (Pub. L. No. 104-208; 110 Stat.
3009-420), effective September 30, 1996]
§ 705. Relation to State laws
(a) A request for the signature of both parties to a
marriage for the purpose of creating a valid lien,
passing clear title, waiving inchoate rights to
property, or assigning earnings, shall not constitute
discrimination under this title: Provided, however,
That this provision shall not be construed to permit
a creditor to take sex or marital status into account in
connection with the evaluation of creditworthiness of
any applicant.
(b) Consideration or application of State property
laws directly or indirectly affecting creditworthiness
shall not constitute discrimination for purposes of this
title.
(c) Any provision of State law which prohibits the
separate extension of consumer credit to each party to a
marriage shall not apply in any case where each party to
a marriage voluntarily applies for separate credit from
the same creditor: Provided, That in any case
where such a State law is so preempted, each party to
the marriage shall be solely responsible for the debt so
contracted.
(d) When each party to a marriage separately and
voluntarily applies for and obtains separate credit
accounts with the same creditor, those accounts shall
not be aggregated or otherwise combined for purposes of
determining permissible finance charges or permissible
loan ceilings under the laws of any State or of the
United States.
(e) Where the same act or omission constitutes a
violation of this title and of applicable State law, a
person aggrieved by such conduct may bring a legal
action to recover monetary damages either under this
title or under such State law, but not both. This
election of remedies shall not apply to court actions in
which the relief sought does not include monetary
damages or to administrative actions.
(f) This title does not annul, alter, or affect, or
exempt any peron subject to the provisions of this title
from complying with, the laws of any State with respect
to credit discrimination, except to the extent that
those laws are inconsistent with any provision of this
title, and then only to the extent of the inconsistency.
The Board is authorized to determine whether such
inconsistencies exist. The Board may not determine that
any State law is inconsistent with any provision of this
title if the Board determines that such law gives
greater protection to the applicant.
(g) The Board shall by regulation exempt from the
requirements of sections 701 and 702 of this title any
class of credit transactions within any State if it
determines that under the law of that State that class
of transactions is subject to requirements substantially
similar to those imposed under this title or that such
law gives greater protection to the applicant, and that
there is adequate provision for enforcement. Failure to
comply with any
{{2-28-92 p.6615}}requirement
of such State law in any transaction so exempted shall
constitute a violation of this title for the purposes of
section 706.
[Codified to 15 U.S.C. 1691d]
[Source: Section
705 of title VII of the Act of May 29, 1968 (Pub. L. No.
90--321), as added by section 503 of title V of the Act
of October 28, 1974 (Pub. L. No. 93--495; 88 Stat.
1523), effective October 28, 1975, and as amended by
section 5 of the Act of March 23, 1976 (Pub. L. No.
94--239; 90 Stat. 253), effective March 23, 1976]
§ 706. Civil liability
(a) Any creditor who fails to comply with any
requirement imposed under this title shall be liable to
the aggrieved applicant for any actual damages subtained
by such applicant acting either in an individual
capacity or as a member of a class.
(b) Any creditor, other than a government or
governmental subdivision or agency, who fails to comply
with any requirement imposed under this title shall be
liable to the aggrieved applicant for punitive damages
in an amount not greater than $10,000, in addition to
any actual damages provided in subsection (a), except
that in the case of a class action the total recovery
under this subsection shall not exceed the lesser of
$500,000 or 1 per centum of the net worth of the
creditor. In determining the amount of such damages in
any action, the court shall consider, among other
relevant factors, the amount of any actual damages
awarded, the frequency and persistence of failures of
compliance by the creditor, the resources of the
creditor, the number of persons adversely affected, and
the extent to which the creditor's failure of compliance
was intentional.
(c) Upon application by an aggrieved applicant, the
appropriate United States district court or any other
court of competent jurisdiction may grant such equitable
and declaratory relief as is necessary to enforce the
requirements imposed under this title.
(d) In the case of any successful action under
subsection (a), (b), or (c), the costs of the action,
together with a reasonable attorney's fee as determined
by the court, shall be added to any damages awarded by
the court under such subsection.
(e) No provision of this title imposing liability
shall apply to any act done or omitted in good faith in
conformity with any official rule, regulation, or
interpretation thereof by the Board or in conformity
with any interpretation or approval by an official or
employee of the Federal Reserve System duly authorized
by the Board to issue such interpretations or approvals
under such procedures as the Board may prescribe
therefor, notwithstanding that after such act or
omission has occurred, such rule, regulation,
interpretation, or approval is amended, rescinded, or
determined by judicial or other authority to be invalid
for any reason.
(f) Any action under this section may be brought in
the appropriate United States district court without
regard to the amount in controversy, or in any other
court of competent jurisdiction. No such action shall be
brought later than two years from the date of the
occurrence of the violation, except that--
(1) whenever any agency having responsibility for
administrative enforcement under section 704 commences
an enforcement proceeding within two years from the date
of the occurrence of the violation,
(2) whenever the Attorney General commences a civil
action under this section within two years from the date
of the occurrence of the violation, then any applicant
who has been a victim of the discrimination which is the
subject of such proceeding or civil action may bring an
action under this section not later than one year after
the commencement of that proceeding or action.
(g) The agencies having responsibility for
administrative enforcement under section 704, if unable
to obtain compliance with section 701, are authorized to
refer the matter to the Attorney General with a
recommendation that an appropriate civil action be
instituted. Each agency referred to in paragraphs (1),
(2), and (3) of section 704(a) shall refer the matter to
the Attorney General whenever the agency has reason to
believe that 1 or more creditors has engaged in a
pattern or practice of discouraging or denying
applications for
{{2-28-92 p.6616}}credit
in violation of section 701(a). Each such agency may
refer the matter to the Attorney General whenever the
agency has reason to believe that 1 or more creditors
has violated section 701(a).
(h) When a matter is referred to the Attorney General
pursuant to subsection (g), or whenever he has reason to
believe that one or more creditors are engaged in a
pattern or practice in violation of this title, the
Attorney General may bring a civil action in any
appropriate United States district court for such relief
as may be appropriate, including actual and punitive
damages and injunctive relief.
(i) No person aggrieved by a violation of this title
and by a violation of section 805 of the Civil Rights
Act of 1968 shall recover under this title and section
812 of the Civil Rights Act of 1968, if such violation
is based on the same transaction.
(j) Nothing in this title shall be construed to
prohibit the discovery of a creditor's credit granting
standards under appropriate discovery procedures in the
court or agency in which an action or proceeding is
brought.
(k) NOTICE TO HUD OF VIOLATIONS.--Whenever an agency
referred to in paragraph (1), (2), or (3) of section
704(a)--
(1) has reason to believe, as a result of receiving
a consumer complaint, conducting a consumer compliance
examination, or otherwise, that a violation of this
title has occurred;
(2) has reason to believe that the alleged
violation would be a violation of the Fair Housing Act;
and
(3) does not refer the matter to the Attorney
General pursuant to subsection (g), the agency shall
notify the Secretary of Housing and Urban Development of
the violation, and shall notify the applicant that the
Secretary of Housing and Urban Development has been
notified of the alleged violation and that remedies for
the violation may be available under the Fair Housing
Act.
[Codified to 15 U.S.C. 1691e]
[Source: Section
706 of title VII of the Act of May 29, 1968 (Pub. L. No.
90--321), as added by section 503 of title V of the Act
of October 28, 1974 (Pub. L. No. 93--495; 88 Stat.
1524), effective October 28, 1975, and as amended by
section 6 of the Act of March 23, 1976 (Pub. L. No.
94--239; 90 Stat. 253), effective March 23, 1976;
sections 223(a)--(c) of title II of the Act of December
19, 1991 (Pub. L. No. 102--242; 105 Stat. 2306),
effective December 19, 1991]
§ 707. Annual reports to Congress
Each year, the Board and the Attorney General shall,
respectively, make reports to the Congress concerning
the administration of their functions under this title,
including such recommendations as the Board and the
Attorney General, respectively, deem necessary or
appropriate. In addition, each report of the Board shall
include its assessment of the extent to which compliance
with the requirements of this title is being achieved,
and a summary of the enforcement actions taken by each
of the agencies assigned administrative enforcement
responsibilities under section 704.
[Codified to 15 U.S.C. 1691f]
[Source: Section
707 of title VII of the Act of May 29, 1968 (Pub. L. No.
90--321), as added by section 7 of the Act of March 23,
1976 (Pub. L. No. 94--239; 90 Stat. 255), effective
March 23, 1976; as amended by section 610 of title VI of
the Act of March 31, 1980 (Pub. L. No. 96--221; 94 Stat.
174), effective April 1, 1982]
§ 708. Effective date
This title takes effect upon the expiration of one
year after the date of its enactment. The amendments
made by the Equal Credit Opportunity Act Amendments of
1976 shall take effect on the date of enactment thereof
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 shall take
effect 12 months after the date of enactment.
{{2-28-92 p.6616.01}}
[Codified to 15 U.S.C. 1691 note]
[Source: Section
708 (formerly 707) of title VII of the Act of May 29,
1968 (Pub. L. No. 90--321), as added by section 503 of
title V of the Act of October 28, 1974 (Pub. L. No.
93--495; 88 Stat. 1525), effective October 28, 1975, as
redesignated by section 7, and as amended by section 8,
of the Act of March 23, 1976 (Pub. L. No. 94--239; 90
Stat. 255), effective March 23, 1976]
§ 709. Short title
This title may be cited as the "Equal Credit
Opportunity Act."
[Codified to 15 U.S.C. 1691 note]
[Source: Section
709 of title VII of the Act of May 29, 1968 (Pub. L. No.
90--321), as added by section 1(b) of the Act of March
23, 1976 (Pub. L. No. 94--239; 90 Stat. 251), effective
March 23, 1976]
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The first time you called I told
you I thought flood companies are lazy and why should I
switch from one lazy company to another. You told me you
were different but I’d heard it all before. After calling me
for a year I decided to give you a chance and we tested your
system for a week.
At first we sent the easy ones,
then on the last day of our test, one of my staff sent you
the most difficult one possible, it was very rural and we
only gave you a partial legal description. We also told you
we needed it back in less than thirty minutes. When you
called us 17 minutes later and told us it was complete we
were very impressed. In the past every other flood company
would have called for more information. Since that day
you’ve provided us with excellent service and thank you for
being so persistent.
Linda Marincel
Mortgage Department Manager
Royal CU |
|
Thanks for the superior service!
Cyndi Hardy
Sales Manager/Home Mortgage
Consultant
Wells Fargo Home Mortgage
-
Builder Division |
|
This is in
acknowledgement of the exemplary service that
Processing Solutions has provided Primacy Relocation
over the past year. When we first signed up with
you, you promised us exceptional service and you
have consistently delivered above and beyond our
expectations. We needed a customized solution that
involves a lot of manual entry on your part and we
really appreciate the “above and beyond” service
that your company provides. Whenever I call and ask
for help you respond immediately. We couldn’t be
more pleased. It is always a pleasure to speak with
you. Usually when I have to call a vendor to either
ask for help or clarification it is in many ways
dreadful. This is NEVER the case with you. I
consider my decision to move our flood cert requests
to Processing Solutions one of the best decisions we
have ever made. Again, thank you for the exceptional
service.
Gayle Shackelford
Risk Control Manager
Primacy Relocation |
|
On behalf of the real estate staff I
wanted to thank you for taking such good care of us.
We really appreciate your quick responses to all our
needs.
Just the
other day one of our members disputed a flood zone
designation, and with her additional documentation
you resolved the situation for us almost instantly.
We appreciate your friendly and fast service.
Hemlata Patel
AVP, Lending
Pacific Service CU |
|
Thank you for the
excellent service. We really enjoy working with you
and your company. When you first called on me I was
skeptical but you kept persisting. After a year and
a half I realized that you wouldn’t be so persistent
unless your service really was that much better. We
decided to test your service and your systems and
found your claims to be true. What we are most
impressed with however, is your complete willingness
to be of service which is demonstrated by regular
calls to us to ensure that our needs are being met
and appreciating the opportunity to be of service to
MSGCU.
Susan Hamlett
Consumer Loan Manager
Michigan Schools and Government Credit Union
|
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Thank you for taking
such good care of us here at Greater Nevada Mortgage
Services. Ingrid Maddox and I really
appreciate how quickly you respond to us with your
constant follow up and attention. We know that if
there is ever a problem you take care of us right
away, and this customer service helps us close our
loans faster. Thank you, and keep up the good work!
Ingrid Maddox
VP of Operations
Greater Nevada CU |
|
I would like to thank you
and Processing Solutions for the excellent service
you provide us. The fast and efficient delivery of
your products and services make me feel like I am
the most important customer you have. I will
continue to recommend your firm to anyone in need of
your services. Thank you so much and keep up the
good work!
Brian Sheehan
Loan Processor
Benchmark Mortgage |
|
We are very pleased with
your company. We have never had any problems with
any determinations. You are always prompt in turn
around time even on the difficult ones. Thanks.
Barb Cernohous
Assistant Vice President
River Falls State Bank |
|
I want you to know that I am extremely happy with
the service and I really appreciate your checking in
with me like you do. I had an issue where
flood insurance was required but I was trying to get
help with determining if I could get it reviewed
again and I was very satisfied with the help and
response I received.
Kelli Ingram
Vice President - Credit
Administraton
Bank of Atlanta |
|
Thanks for the quick help! It was pretty
impressive!
Ed
Reed
Assistant Vice President
American Bank of Missouri |
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Thank you for excellent service. I appreciate all
you have done to make my job more streamlined.
Jackie Flores
Loan Officer
Elite Loan Pros |
|
We’re a small credit union and don’t send your
company a lot of business, but can tell that you
care about helping us. You promised good service
when we signed up with your company and you’ve gone
beyond our expectations. Thanks for all your
continuing help.
Karen
Meeks
Mortgage Loan Officer
Golden Bay Federal Credit Union |
|
I just wanted to
say thank you for the service level you have been
providing to
us.
Yesterday
I needed you to
follow up on a manual flood zone determination. I
emailed you and within, literally, minutes you
returned my call
and
shortly thereafter
your team had the certification emailed to me.
This is the
response to most anything we
have had a need to
call you about.
Linda Bradfield
Loan Processor
Tri- Counties Bank |
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I am so impressed with your response!
Susan M. Santerelli
Attorney at Law
Severson & Werson |
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I wanted to
take this time to send a note of thanks for all of the wonderful
work you do and the service you provide us. We are very
satisfied and quiet glad that we are now sending all of our
business your way. The response time is wonderful and we are
VERY happy with the cost. You, in particular, have always gone
just one step beyond the need and have helped me out so many
times without making me feel like a bother. Your complete
willingness to help and your, always friendly, attitude makes
such a difference; so much so that I would, without reservation,
recommend you to anyone needing this service!
Jane Slaughter
Loan Processor
Tri-Counties Bank |
|
I just wanted to write a quick
note and thank you for the services you have been providing our
credit union. We have been so very impressed with the
level of service we receive from you and your company. I
have heard many promises made in my 20+ years of lending
experience, however, the service we have received from
Processing Solutions has exceeded our expectation levels and you
truly deliver what you promise.
John Garner
Vice President of Lending
3 Rivers FCU |
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