What is the Fair Lending Act?

The Fair Lending Act is a law in Nebraska that provides legal protection for consumers when they apply for credit products such as loans, mortgages, and credit cards with banks, credit unions, and other financial institutions. The Fair Lending Act protects consumers by ensuring that financial institutions do not discriminate against applicants on the basis of race, color, religion, national origin, sex, marital status, or age. The law also requires financial institutions to provide applicants with clear and understandable terms of their credit agreement and to state the annual percentage rate they will be charged. Additionally, the Fair Lending Act protects consumers from unfair or deceptive acts and practices while they are applying for or using these credit products. The law also requires financial institutions to disclose certain information related to credit products so that consumers can make informed decisions about which product to use. The Fair Lending Act is an important law in Nebraska that protects consumers when they apply for financial products.

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