What is the Fair Lending Act?

The Fair Lending Act is a law that applies to banking in Delaware and across the United States. This law helps to protect consumers from discrimination when they apply for credit. The Fair Lending Act prohibits certain types of discrimination based on race, color, religion, national origin, sex, marital status, age, or receipt of public assistance. This law also prohibits lenders from charging higher interest rates or fees to certain groups of people. Additionally, lenders cannot deny credit to people based on their race, color, religion, national origin, sex, marital status, age, or receipt of public assistance. The Fair Lending Act also requires that lenders provide applicants with the reason for denying credit and the right to dispute the decision. The Fair Lending Act is important because it helps make sure that everyone has an equal chance to access credit. This law ensures that discrimination does not happen when someone applies for a loan or credit. Additionally, it provides applicants with information about why their application was denied and their right to dispute the decision. The Fair Lending Act also helps give consumers the confidence to make informed decisions when applying for credit.

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What is the Fair Lending Act?

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