If a lender offers you different, higher, terms than another applicant with an identical credit profile or denies your application when they see that you are over 62 or on social assistance, contact Bell Law. Private litigants can also have their costs and attorney’s fees awarded. Lenders that violate the provisions of the ECOA face civil liability for actual and punitive damages, the latter of which is limited to non-governmental entities and can amount to up to $10,000 for an individual claim or the lesser of $500,000 or 1% of the lender’s net worth in a class action. For example, they cannot ask you to provide a doctor’s note about the nature and probable duration of your disability before they will lend to you. If you apply for a loan while receiving a form of public assistance, such as Social Security Disability Insurance, the lender can only consider your creditworthiness. Refusing to lend to someone on social assistance.This could be the case if the person’s spouse has an interest in the property used as collateral or if they are applying for unsecured credit in one of the nine community property states. ![]() If a married individual is applying for a mortgage, home equity loan, or other credit secured by collateral, a lender may only ask about marital status when it affects their ability to access the property if the borrower defaults.
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