What law requires lenders to provide an affiliated business arrangement disclosure by a specific time?

The Real Estate Settlement Procedures Act (RESPA) is the law that mandates lenders to provide a disclosure of any affiliated business arrangements. This disclosure must be given to the borrower at the time of the referral or when the lender receives a prospective borrower’s application. RESPA aims to help consumers understand the settlement process, ensure transparency in transactions, and eliminate unnecessary costs in real estate settlement services.

The other laws mentioned, while important in their own right, focus on different aspects of lending and consumer protection. The Truth-In-Lending Act primarily addresses the disclosure of the terms and costs associated with consumer credit, including the annual percentage rate and finance charges. The Equal Credit Opportunity Act prohibits discrimination in lending by ensuring all consumers have fair access to credit. The Home Mortgage Disclosure Act requires lenders to collect and report data about lending practices, but it does not specifically govern disclosures related to affiliated business arrangements. Thus, RESPA is the correct answer because it specifically outlines the requirements regarding disclosures in affiliated business situations.