Page:United States Statutes at Large Volume 88 Part 2.djvu/205

 88 STAT. ]

PUBLIC LAW 93-495-OCT. 28, 1974

1521

§ 415. Grace period for consumers Section 127 of the Truth in Lending Act (15 U.S.C. 1637) is amended— (1) by amending subsection (a)(1) to read as follows: "(1) The conditions under which a finance charge may be imposed, including the time period (if any) within which any credit extended may be repaid without incurring a finance charge, except that the creditor may, at his election and without disclosure, impose no such finance charge if payment is received after the termination of such time period."; and (2) by amending subsection (b) (10) to read as follows: "(10) The date by which or the period (if any) within which, payment must be made to avoid additional finance charges, except that the creditor may, at his election and without disclosure, impose no such additional finance charge if payment is received after such date or the termination of such period." § 416. Effective date This title takes effect upon the date of its enactment, except that sections 409 and 411 take effect upon the expiration of one year after the date of its enactment.

is use leesa

TITLE V—EQUAL C R E D I TO P P O R T U N I T Y § 501. Short title This title may be cited as the "Equal Credit Opportunity Act". •^

^

1X

.7

^''"^i Credit Opportunity Act.

§ 502. Findings and purpose is use i69i The Congress finds that there is a need to insure that the various 15 USC i69i financial institutions and other firms engaged in the extensions of note. 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. I t is the purpose of this 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. § 503. Amendment to the Consumer Credit Protection Act The Consumer Credit Protection Act (Public Law 90-321), is „^\l^^^ ^^^^ note. amended by adding at the end thereof a new title VII: "TITLE VII—EQUAL CREDIT OPPORTUNITY "Sec.

"701. "702. "703. "704. "705. "706. "707.

Prohibited discrimination. Definitions. Regulations. Administrative enforcement, Relation to State laws. Civil liability. Effective date.

"§ 701. Prohibited discrimination " (a) I t shall be unlawful for any creditor to discriminate against any applicant on the basis of sex or marital status with respect to any aspect of a credit transaction. " (b) An inquiry of marital status shall not constitute discrimination for purposes of this title if such inquiry is for the purpose of ascer-

15 USC 1691.

�