Bill Summary: H.R. 6870

This bill aims to amend the Equal Credit Opportunity Act in order to provide clarity on the rights and remedies of creditors when considering a person's immigration status for the purpose of extending credit. The bill also addresses other related matters.

Details

The bill was introduced in the House of Representatives on December 19, 2023. Mr. O GLES, along with several other representatives, introduced the bill, which was then referred to the Committee on Financial Services for further consideration.

Key Amendment

The bill proposes an amendment to Section 701(b) of the Equal Credit Opportunity Act (15 U.S.C. 1691(b)). The proposed amendment includes the following changes:

Paragraph (4) will have the word "or" removed from the end.
Paragraph (5) will have the period at the end replaced with a semicolon followed by the word "or".
A new paragraph (6) will be added at the end. This new paragraph addresses the ability of creditors to inquire about or consider a person's immigration status under the immigration laws. It clarifies that such inquiries should only be made to determine the creditor's rights and remedies for the specific extension of credit, and not to discriminate in assessing the creditworthiness of the applicant.

Finance And Financial Sector