Finance
Which federal law prohibits discriminatory lending practices based on protected class characteristics?
ATruth in Lending Act (TILA)
BEqual Credit Opportunity Act (ECOA)✓ Correct
CReal Estate Settlement Procedures Act (RESPA)
DHome Mortgage Disclosure Act (HMDA)
Explanation
The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating against credit applicants based on race, color, religion, national origin, sex, marital status, age, or receipt of public assistance.
Related Colorado Finance Questions
- In Colorado, a 'participation mortgage' allows the lender to:
- The federal 'Dodd-Frank Act' (2010) created the Consumer Financial Protection Bureau (CFPB) to:
- Under the federal 'Home Mortgage Disclosure Act' (HMDA), mortgage lenders must:
- In Colorado, an 'interest rate lock' on a mortgage means:
- In Colorado, a 'conforming loan' is one that:
- A Colorado buyer's 'good faith estimate' (now called the Loan Estimate under TRID) must include all of the following EXCEPT:
- A Colorado borrower who takes out a home equity line of credit (HELOC) secured by their primary residence has how long to rescind the transaction under federal Regulation Z?
- A Colorado lender's 'lock-in' on an interest rate means:
Practice More Colorado Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Colorado Quiz →