How many days does Aaron have to provide notice of adverse action after receiving a completed loan application?

The correct answer is based on the requirements set forth by the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B. According to these regulations, when a lender receives a completed loan application, they are required to provide notice of adverse action within 30 days if the application is denied or if the loan terms are less favorable than requested. This notice is important because it ensures that applicants are informed about the decision made regarding their application and can help prevent discrimination.

The 30-day timeframe allows the lender to review the application and make a decision while still adhering to regulatory guidelines designed to protect consumers. Other timeframes, such as 15, 45, or 60 days, do not align with the established legal requirements for providing notice of adverse action, making them incorrect in this context.