Which of the following statements regarding applications is correct?
Which of the following statements regarding applications is correct?
Creditors may accept oral applications. This statement is accurate as certain regulations, such as the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B, allow creditors to accept applications verbally. The other options impose incorrect requirements or restrictions on the process of accepting credit applications.
The statement that is correct regarding applications, particularly in the context of credit applications under regulations like the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B, is: