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1 October, 15:39

Renee applied for credit to open her own beauty salon. The bank denies her the credit on learning that she has recently been divorced, and receives public assistance income. Under which of the following acts will the bank be held guilty for violation of laws?

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  1. 1 October, 18:54
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    The Equal Credit Opportunity Act.

    Explanation:

    Under the Equal Credit Opportunity Act (ECOA) all individuals must be given an equal opportunity to apply for loans from financial institutions. Individual applications should only be considered regarding aspects related to their creditworthiness. Individuals cannot be discriminated regarding personal factors like race, color, national origin, sex, religion, or marital status.
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