The Equal Credit Opportunity Act Requires That a Lender Not

question 122

True/False

The Equal Credit Opportunity Act requires that a lender not turn you down for credit based on your age as long as you are old enough to sign a legal contract,which is usually allowed at age 16.

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Definitions:

Article 2

A section of the Uniform Commercial Code (UCC) that governs the sale of goods in the United States, detailing rights, obligations, and warranties in sales contracts.

UCC

The Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States, including sales and leases of goods.

Current Practices

The existing methods, procedures, or techniques that are widely used or employed in a particular field or industry.

Exclusive Dealing

An agreement between a supplier and a retailer where the retailer agrees to only purchase goods from the supplier, excluding products from competitors.