Int. No. 798
By the Public Advocate (Mr. Williams) and Council Member Brannan
Title
A Local Law to amend the administrative code of the city of New York, in relation to prohibiting discrimination in the issuance of credit and requiring creditors to disclose to potential borrowers how their rate is calculated
Body
Be it enacted by the Council as follows:
Section 1. Section 8-107 of the administrative code of the city of New York is amended by adding a new subdivision 29 to read as follows:
29. Credit. (a) It shall be an unlawful discriminatory practice for any creditor or any officer, agent or employee thereof to discriminate in the granting, withholding, extending or renewing, or in the fixing of the rates, terms or conditions of, any form of credit on the basis of an applicant's race, creed, religion, color, national origin, sexual orientation, age, gender, marital status, disability, partnership status, caregiver status, uniformed service or alienage or citizenship status of such applicant or applicants, or because of any lawful source of income of such applicant or applicants, or because children are, may be or would be residing with such applicant or applicants.
(b) Notwithstanding paragraph a of this subdivision, it shall not be considered discriminatory if credit differentiations or decisions are based upon factually supportable, objective differences in applicants' overall credit worthiness, which may include reference to such factors as current income, assets and prior credit history of such applicants, as well as reference to any other relevant factually supportable data; provided, however, that no creditor shall consider, in evaluating the credit worthiness of an applicant, aggregate statistics or assumptions relating to race, creed, religion, color, national origin, sexual orientation, age, gender, marital status, disability, partnership status, caregiver status, uniformed service or alienage or citizenship st...
Click here for full text