ECOA prohibits lending discrimination based on:
Correct Answer
B) Race, color, religion, national origin, sex, marital status, age, or receipt of public assistance
The Equal Credit Opportunity Act prohibits discrimination based on race, color, religion, national origin, sex, marital status, age, or receipt of public assistance.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
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