What may a creditor do in response to an application for credit from a business with gross revenues of $1 million or less?

Question

Quizplus · Accepted Answer

The creditor must provide the ECOA statement and also give a disclosure of the applicant's right to receive a statement of reasons at the time of the application instead of at the time of the adverse action. This is a requirement under the ECOA for businesses with gross revenues of $1 million or less. Option B and C are incorrect as adverse action notices and the ECOA statement are both required. Option D is incorrect as only providing the ECOA statement is not sufficient under the ECOA.

What May a Creditor Do in Response to an Application