Florida Broker Practice Exam

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The purpose of the Equal Credit Opportunity Act (ECOA) is to ensure what?

  1. Loans are offered at the same interest rates

  2. No discrimination is practiced in extending credit

  3. All borrowers can afford loans

  4. All lenders have equal resources

The correct answer is: No discrimination is practiced in extending credit

The Equal Credit Opportunity Act (ECOA) is designed to prohibit discrimination in lending practices. It specifically ensures that all consumers have equal access to credit without being subjected to bias based on race, color, religion, national origin, sex, marital status, age, or because they receive public assistance. This legislation promotes fair lending by making it unlawful for creditors to discriminate against applicants when determining who qualifies for credit. It aims to expand access to credit to all people, fostering an equitable lending environment. Thus, the focus of the ECOA is clearly centered around preventing discrimination in the extension of credit.

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