Under which legislation does a consumer have the right to receive a copy of the appraisal report for a dwelling used as loan collateral?

The correct answer is found in the Equal Credit Opportunity Act (ECOA), which grants consumers certain rights regarding credit applications and the information they receive about those applications. One key provision of ECOA is that consumers have the right to receive a copy of the appraisal report if the appraisal is used in connection with an application for credit related to the purchase or refinance of a dwelling.

This right is integral to transparency and helps ensure that consumers are informed about the value assessments used in making lending decisions. By providing access to the appraisal report, consumers can better understand the evaluation of their property, enabling them to engage more effectively in negotiations with lenders and make informed decisions regarding their loans.

The other options relate to different aspects of financial transactions. The Home Mortgage Disclosure Act (HMDA) focuses primarily on collecting and reporting data for public scrutiny to identify patterns of discrimination in lending. The Truth in Lending Act (TILA) is concerned with disclosure of credit terms to consumers, ensuring that they understand the costs and terms associated with their loans. The Real Estate Settlement Procedures Act (RESPA) pertains to the disclosure of information about settlement costs, aiming to provide transparency in the home-buying process. While all these laws protect consumers in some way, it is ECOA