§ 14-1702. Notice of action upon application for credit

Latest version.

(a) In general. -- Notwithstanding any other provision of this article, within 30 days after receipt of a completed application for credit, a lender or credit grantor shall notify the applicant of its action on the application.

(b) Statement required upon adverse action or denial of application. -- Notwithstanding any other provision of this article, if the lender or credit grantor has acted adversely against or denied an application for credit by a consumer, that lender must furnish the consumer with a written statement.

HISTORY: 1985, ch. 669.

                    
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