A creditor must notify an applicant of its intended action on an application within how many days after the application is received?

A creditor must notify an applicant of its intended action on an application within how many days after the application is received?

• A. 15 Days
• B. 30 Days
• C. 45 Days
• D. 60 Days

Answer: (B)

The main concept here is the timely notice requirement under the Equal Credit Opportunity Act (Regulation B). Lenders must inform the applicant of the action taken on a completed application within 30 days of receipt. This ensures applicants know where they stand quickly and can pursue other options or provide any missing information if needed. If an application is incomplete, the creditor must notify the applicant within 30 days that it is incomplete and specify what is needed to complete it; once the application is complete, the action taken notice must still be provided within 30 days.

The main concept here is the timely notice requirement under the Equal Credit Opportunity Act (Regulation B). Lenders must inform the applicant of the action taken on a completed application within 30 days of receipt. This ensures applicants know where they stand quickly and can pursue other options or provide any missing information if needed. If an application is incomplete, the creditor must notify the applicant within 30 days that it is incomplete and specify what is needed to complete it; once the application is complete, the action taken notice must still be provided within 30 days.