Senate Bill 2843 Summary

• Prohibits creditors from discriminating against applicants in credit transactions based on race, color, religion, national origin, sex, marital status, age, or source of income.

• Allows creditors to inquire about age, marital status, or public assistance income only to assess creditworthiness, and permits age to be used in credit scoring systems that are demonstrably sound, except that elderly applicants cannot receive negative age factors.

• Requires creditors to notify applicants of credit decisions within 30 days and provide written statements of specific reasons for adverse actions, with applicants entitled to request reasons within 60 days of denial notification.

• Mandates creditors furnish applicants with copies of all written appraisals and valuations for first-lien dwelling-secured loans at no cost no later than 3 days before loan closing, with applicants able to waive the 3-day requirement.

• Takes effect July 1, 2020.