If a Violation of the Equal Credit Opportunity Act Occurs

question 442

Multiple Choice

If a violation of the Equal Credit Opportunity Act occurs the consumer can sue the creditor for:

• A) actual damages
• B) punitive damages up to $10,000
• C) attorney's fees
• D) court costs
• E) all of the other specific choices are correct

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Definitions:

Rational Consumer

An individual who systematically pursues their self-interest by making decisions that maximize their utility and satisfaction.

Highest Indifference Curve

The indifference curve that represents the highest level of satisfaction or utility reachable for a consumer given their budget constraints.

Budget Line

A graphical representation of all possible combinations of two goods that an individual can afford to purchase at given prices and income level.

Money Income

The total amount of monetary earnings received by an individual or household, including wages, salaries, benefits, and income from investments.