If There Are Violations of the Equal Credit Opportunity Act

question 12

Multiple Choice

If there are violations of the Equal Credit Opportunity Act (ECOA) ,affected consumers

• A) have the right to file a petition to the president to seek some form of remedy.
• B) can recover punitive damages only in the presence of actual damages.
• C) can recover punitive damages up to $100,000.
• D) have the right to seek public enforcement by the Federal Trade Commission.
• E) have to depend on the government to ensure they have equal opportunities for credit as they cannot pursue private remedies.

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Definitions:

English Noblemen

Refers to individuals of noble birth or rank in England, typically holding substantial land, wealth, and power in the medieval to early modern periods.

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The social process through which individuals search for and find a spouse, often influenced by considerations of social status, wealth, and compatibility.

Wealthy American Heiresses

Refers to affluent women from the United States who, during the Gilded Age and early 20th century, married into European aristocracy, often to secure titles or rejuvenate the financial status of aristocratic families.

Sears & Roebuck

An American chain of department stores founded in the 19th century, known for its catalog sales and wide range of consumer products.