Final answer:
A lender must send a statement of reasons for an adverse action within 30 days of receiving a request from an applicant, as required by the Equal Credit Opportunity Act (ECOA).
Step-by-step explanation:
Under the Equal Credit Opportunity Act (ECOA), a lender must provide a written statement of reasons for an adverse action within 30 days of receiving a completed credit application or a request for the reasons for such action.
An adverse action includes any action by a lender that is unfavorable to the interests of the applicant, such as a denial of credit, change in terms of credit, or a refusal to grant credit in substantially the amount or terms requested.
Therefore, the correct answer to the question is:
B) 30 days