Practice Quiz

Financial Planner

Category - Professional Conduct and Regulation

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What of the following is NOT a requirement under the Equal Credit Opportunity Act?
  1. No creditor can discriminate on the basis of race, color, religion, national origin, sex, marital status, or age
  2. No creditor can retain a record of a credit application
  3. All creditors must notify applicants of any actions they take on any applications
  4. All creditors must supply applicants with a copy of any appraisal report that is used for a credit transaction
Explanation
Answer: B - The Equal Credit Opportunity Act was passed to promote the availability of credit to all individuals who are worthy of credit. Creditors cannot discriminate against covered groups, must notify applicants of any actions they take on their credit applications, supply applicants with appraisal reports as required, and must keep records of credit applications.
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