What is the Fair Lending Act?

The Fair Lending Act is a South Carolina law that ensures all consumers have access to fair, ethical, and legal credit practices. It requires lenders to provide detailed disclosures about the terms of any loan, be transparent about fees and interest rates, and adhere to fair credit reporting policies. The Fair Lending Act also ensures that lenders do not discriminate against borrowers based on their race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or source of income. The Fair Lending Act is designed to protect consumers from predatory lenders who try to take advantage of their financial situation by offering unfair terms and charging excessive fees. The Act also helps ensure that lenders do not engage in unfair business practices such as steering people towards subprime loans with terms and conditions that are far more costly. Lastly, the Fair Lending Act works to create a fair and equitable lending environment, so that all borrowers are given access to credit, regardless of their personal financial circumstances. By requiring lenders to provide transparent disclosures and adhere to fair lending practices, the Fair Lending Act helps to protect borrowers from costly fees, high interest rates, and other predatory lending practices. It is an important law for people in South Carolina to be aware of as it helps to ensure that everyone who needs access to credit is able to access it on fair terms.

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What is the Fair Lending Act?

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