Finance
A Hawaii buyer's loan application is denied. Under ECOA, the lender must notify the applicant of the adverse action within:
A10 business days
B30 days✓ Correct
C60 days
D90 days
Explanation
Under ECOA, when a creditor takes adverse action (denial or less favorable terms), the applicant must be notified within 30 days of receiving a completed application, along with the specific reasons for the adverse action.
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Key Terms to Know
Fair Housing Act
Federal law prohibiting discrimination in the sale, rental, or financing of housing based on race, color, national origin, religion, sex, disability, and familial status.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
SteeringAn illegal practice where a real estate agent directs buyers toward or away from certain neighborhoods based on the buyer's race, religion, national origin, or other protected characteristics.
BlockbustingAn illegal practice of inducing homeowners to sell by claiming that the entry of minority groups will lower property values.
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