What is the Fair Lending Act?

The Fair Lending Act is a law in California that protects people from discrimination in lending. It states that lenders must provide equal access to credit regardless of race, color, religion, national origin, sex, marital status, age, or receipt of public assistance. In addition to this, the Fair Lending Act states that lenders must provide the same terms, conditions, and services to all borrowers of similar credit standing. The Fair Lending Act also requires lenders to provide the applicant with a written disclosure statement that includes information about interest rates, costs, and other terms of the loan. Additionally, it requires lenders to provide applicants with a notice of their rights regarding the use of consumer credit reports. Lastly, the law requires lenders to provide borrowers with the opportunity to dispute information within the report. The Fair Lending Act provides consumer protection and serves as a safeguard against predatory lending practices. It ensures that all borrowers are treated fairly and that all credit transactions are made in accordance with state and federal laws. This act helps to ensure that lenders do not discriminate against applicants and that applicants are not subjected to unfair terms and conditions.

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What is the Fair Lending Act?

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