What legislation addresses discrimination in lending based on age?

The legislation that addresses discrimination in lending based on age is the Equal Credit Opportunity Act (ECOA). The ECOA makes it unlawful for a creditor to discriminate against any applicant based on various characteristics, including age. It ensures that all individuals have equal access to credit and that lenders consider applicants solely on their creditworthiness and ability to repay regardless of age.

This act provides protections to both younger and older borrowers, prohibiting financial institutions from making lending decisions based on stereotypes or assumptions about age. It specifically prohibits lenders from denying credit based on the applicant being of a certain age, ensuring that older adults are not unfairly restricted from accessing credit and loans.

The other options focus on different aspects of lending and consumer protection. The Truth in Lending Act primarily deals with disclosure of terms and costs associated with credit, the Home Mortgage Disclosure Act is focused on public transparency regarding mortgage lending patterns, and the Fair Credit Reporting Act regulates how consumer credit information is collected and utilized. While these laws support fair lending practices, they do not specifically address discrimination based on age like the ECOA does.