The Equal Credit Opportunity Act (ECOA) prohibits discrimination in lending based on which of the following?
Correct Answer
B) Race, color, religion, national origin, sex, marital status, age, or receipt of public assistance
The Equal Credit Opportunity Act (ECOA) is a federal law that prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant is of legal age), receipt of public assistance income, or the exercise of rights under the Consumer Credit Protection Act. ECOA applies to any aspect of a credit transaction and is enforced by the Consumer Financial Protection Bureau (CFPB).
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Related Topics & Key Terms
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Related Concepts
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.
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
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