NMLS Test Tips: ECOA

It's that time again for more test tips for the nationals NMLS MLO exam.  Today is ECOA the Equal Credit Opportunity Act, a US federal law enacted in 1974 that makes it unlawful for any creditor to discriminate against any applicant based on race, color, religion, national origin, sex, marital status or age.  ECOA also states that you cannot discriminate based on reciept of public assistance.  This law covers anyone who works in banks, retailers, finance companies, credit unions, etc.  Failure to comply with ECOA can result in fines of $10,000.  For more ways on how you can help study for your exam check out The Hughes School