Final answer:
Federal law requires customers to receive an odometer disclosure statement during vehicle ownership transfer, which can be provided in paper or electronic form. For certain loans, customers are encouraged to provide personal demographic information for legal compliance, but it is not mandatory.
Step-by-step explanation:
Under Federal law, the customer must receive a copy of the odometer disclosure statement when transferring ownership of a vehicle.
This legal document can be furnished in various ways including in paper form or electronically, as long as it conforms to the specific requirements set by law, which include the vehicle identification number, the odometer reading at the time of transfer, and signatures from both the buyer and seller verifying the accuracy of the information provided.
In relation to the information provided, which concerns government monitoring for certain types of loans, the customer is encouraged but not required to provide personal demographic information to ensure compliance with equal credit opportunity, fair housing, and home mortgage disclosure laws.
The lender is required not to discriminate based on whether this information is provided or not, and has certain obligations if the borrower chooses not to provide it.