The Equal Credit Opportunity Act requires the lender to provide a borrower a reason for rejection of credit within how many days of loan application?

The Equal Credit Opportunity Act (ECOA) mandates that when a lender denies a borrower's application for credit, they must provide the applicant with a notice that includes the specific reasons for the denial. This requirement is aimed at promoting transparency and fairness in lending practices. Under the ECOA, the lender must deliver this notice within 30 days of receiving the loan application.

This timeframe allows borrowers to understand why their application was rejected, which can help them address any issues and improve their chances of obtaining credit in the future. Providing a response within 30 days ensures that borrowers have the necessary information in a timely manner, facilitating better financial decisions.

The other options reflect shorter timeframes that do not align with the regulations set forth by the ECOA, which specifically stipulates the 30-day period for notification regarding credit denials.