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"Nevada spousal credit sharing may conflict with federal law" by Jonice Gray Tucker, Kari K. Hall, and Brendan Clegg (Law360)


Jonice Gray Tucker, Kari K. Hall

In just a few weeks, lenders may face a challenging circumstance in evaluating applications for credit from some Nevada borrowers. Can lenders comply with a new Nevada law that allows applicants with no credit history to use their spouse’s credit history without violating the Equal Credit Opportunity Act and Regulation B, federal laws that generally prohibit consideration of marital status in evaluating creditworthiness?

And, in addition, in some circumstances, could compliance trigger violations of the Fair Credit Reporting Act which requires a permissible purpose to pull a credit report? There are strong arguments that the Nevada law is preempted, making this issue a prime candidate for federal regulatory intervention. 

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Originally published in Law360; reprinted with permission.

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