Asked by Latroy Mayfield on May 14, 2024
Verified
The Equal Credit Opportunity Act's (ECOA's)provisions apply only in the consumer credit setting but not in the commercial credit context.
Equal Credit Opportunity Act
A U.S. law aimed at ensuring all consumers have an equal chance to obtain credit, prohibiting discrimination based on race, color, religion, national origin, sex, marital status, age, or because someone receives public assistance.
Consumer Credit
A form of credit extended to consumers to finance the purchase of goods, services, or for personal use, subject to repayment terms.
Commercial Credit
A type of financing that allows businesses to obtain goods or services with payment to be made at a later date.
- Grasp the applicability of the Equal Credit Opportunity Act (ECOA) in both consumer and commercial credit contexts.
Verified Answer
Learning Objectives
- Grasp the applicability of the Equal Credit Opportunity Act (ECOA) in both consumer and commercial credit contexts.
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