Final answer:
The Equal Credit Opportunity Act applies to various types of credit including residential, business, commercial, and agricultural loans. It is designed to prevent discrimination based on gender, race, ethnicity, or age in the extension of credit.
Step-by-step explanation:
The Equal Credit Opportunity Act (ECOA) is a federal law designed to prevent discrimination in the extension of credit. The ECOA applies to various forms of credit. The Equal Credit Opportunity Act applies to various types of credit including residential, business, commercial, and agricultural loans. It is designed to prevent discrimination based on gender, race, ethnicity, or age in the extension of credit.
This includes loans secured by a first or subordinate lien on residential property, as well as residential, business, commercial, and agricultural loans. Therefore, the correct answer to which types of loans the ECOA applies to is B. Residential, business, commercial, and agricultural loans. This law aims to ensure that all individuals have an equal chance to obtain credit without being subject to discrimination on the basis of gender, race, ethnicity, or age under specific circumstances.