What are the requirements for the Equal Credit Opportunity Act?

What are the key requirements outlined in the Equal Credit Opportunity Act? Are there any specific protected classes of individuals that lenders must treat equally? How does the Act ensure fair lending practices, and what penalties or consequences can lenders face if they violate its provisions? Furthermore, what are some of the common misconceptions surrounding the ECOA, and how can individuals ensure that they are not being discriminated against when applying for credit?