Fair lending laws include protection for credit extension, advertising, credit terms, and more. These are in place to protect consumers from discrimination in any aspect of loan transactions.

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Fair lending laws and their implementing regulations are:

• Equal Credit Opportunity Act (ECOA) and 12 CFR part 202 (regulation B)
• Fair Housing Act (FHA) and CFR part 100

The ECOA expressly prohibits discrimination in any aspect of a loan transaction, and it applies to all extensions of credit.

Financial service providers should make their potential borrowers aware that their firm adheres to fair lending practices. This should be done at application by giving the potential borrower a copy of the firm’s Fair Lending Policy. This should be made part of the firm’s best business practices.

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The team at Majestic Security, LLC makes writing fair lending policies simple and affordable. To receive yours, call our Mason, OH, team today at 513-259-1312.