As a stipulation of a specific act, lenders must offer reasons when rejecting loan applications and must respond to all applications within 30 days. the name of this act is Equal Credit Opportunity Act of 1974.
Introduced in the House on May 29, 1973 Equal Credit Opportunity Act - Prohibits discrimination against any person on the basis of sex or marital status by any creditor, card issuer, or other person in connection with the approval or refusal of credit. A federal financial regulation law known as the Equal Credit Opportunity Act was passed in 1974. The law forbids discrimination in credit transactions on the grounds of race, colour, religion, national origin, sex, marital status, or age. In accordance with the law, creditors must notify applicants of their credit acceptance or refusal within 30 days of receiving their application. In addition, the law mandates that lenders give a justification for all lending decisions.
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