36-96.4 - Discrimination in residential real estate-related transactions; unlawful practices by lenders, insurers, appraisers, etc.; deposit of state funds in such institutions.
§ 36-96.4. Discrimination in residential real estate-related transactions;unlawful practices by lenders, insurers, appraisers, etc.; deposit of statefunds in such institutions.
A. It shall be unlawful for any person or other entity, including any lendinginstitution, whose business includes engaging in residential realestate-related transactions, to discriminate against any person in makingavailable such a transaction, or in the terms or conditions of such atransaction, or in the manner of providing such a transaction, because ofrace, color, religion, national origin, sex, elderliness, familial status, orhandicap. It shall not be unlawful, however, for any person or other entitywhose business includes engaging in residential real estate transactions torequire any applicant to qualify financially for the loan or loans for whichsuch person is making application.
B. As used in this section, the term "residential real estate-relatedtransaction" means any of the following:
1. The making or purchasing of loans or providing other financial assistance(i) for purchasing, constructing, improving, repairing, or maintaining adwelling or (ii) secured by residential real estate; or
2. The selling, brokering, insuring or appraising of residential realproperty. However, nothing in this chapter shall prohibit a person engagedin the business of furnishing appraisals of real property to take intoconsideration factors other than race, color, religion, national origin, sex,elderliness, familial status, or handicap.
C. It shall be unlawful for any state, county, city, or municipal treasureror governmental official whose responsibility it is to account for, toinvest, or manage public funds to deposit or cause to be deposited any publicfunds in any lending institution provided for herein which is found to becommitting discriminatory practices, where such findings were upheld by anycourt of competent jurisdiction. Upon such a court's judicial enforcement ofany order to restrain a practice of such lending institution or for saidinstitution to cease or desist in a discriminatory practice, the appropriatefiscal officer or treasurer of the Commonwealth or any political subdivisionthereof which has funds deposited in any lending institution which ispracticing discrimination, as set forth herein, shall take immediate steps tohave the said funds withdrawn and redeposited in another lending institution.If for reasons of sound economic management, this action will result in afinancial loss to the Commonwealth or any of its political subdivisions, theaction may be deferred for a period not longer than one year. If the lendinginstitution in question has corrected its discriminatory practices, anyprohibition set forth in this section shall not apply.
(1972, c. 591, § 36-90; 1973, c. 358; 1989, c. 88; 1991, c. 557.)