Certified Medical Administrative Assistants (CMAA) Practice Exam 2025 – Comprehensive All-In-One Guide to Exam Success!

Question: 1 / 400

Which legislation requires equal financial arrangements for all customers if credit is extended to one?

Consumer Credit Protection Act

Equal Credit Opportunity Act

The Equal Credit Opportunity Act is designed to ensure that all consumers are given an equal chance to secure credit and that lenders apply the same standards to all applicants. This legislation prohibits discrimination on several bases, including race, color, religion, national origin, sex, marital status, or age, when assessing credit applications.

When a lender extends credit to one consumer, they are required to apply the same terms and conditions to other consumers, ensuring fairness in financial arrangements. This means that if a particular interest rate or type of credit is offered to one applicant, similar offers must be accessible to others who meet the same criteria, promoting equal treatment across the board.

The other pieces of legislation mentioned do have important roles in consumer protection and finance, but they do not specifically mandate equal financial arrangements in the context of extending credit as the Equal Credit Opportunity Act does.

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Federal Trade Commission Act

Truth in Lending Act

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