What type of loan requires disclosure under the Equal Credit Opportunity Act?

The requirement for disclosure under the Equal Credit Opportunity Act (ECOA) applies to any consumer loan. This federal law is designed to prevent discrimination in lending and mandates that lenders provide certain information to borrowers, ensuring that all applicants have equal access to credit regardless of race, color, religion, national origin, sex, marital status, age, or reliance on public assistance.

Consumer loans encompass a wide variety of credit agreements, including personal loans, home mortgages, auto loans, and credit cards. By requiring disclosures for any consumer loan, the ECOA aims to promote transparency and fairness in the lending process, helping borrowers understand their rights and the terms of the loans they may be considering.

In contrast, the other options focus on more specific scenarios that do not encompass the full scope of the disclosures required by ECOA. For instance, home mortgages are a specific type of consumer loan, not the sole category covered by the act, and while certain auto loans may require disclosure, the Act applies broadly beyond specific thresholds or types of loans. Private loans between individuals also do not fall under ECOA's regulations, as the act is primarily designed to govern transactions through formal lending institutions.