Section 5-507 - Notice of rejection of application for residential mortgage. - Maryland Statutes

§ 5-507. Notice of rejection of application for residential mortgage.
 

(a)  When notice required.- If a banking institution rejects an application for a residential mortgage loan, the banking institution shall give the applicant, at the applicant's request, written notice of the rejection. 

(b)  Use of notice.- The applicant may use this written notice as evidence of rejection for purposes of the Maryland Home Financing Program. 
 

[An. Code 1957, art. 11, § 108-I; 1980, ch. 33, § 2.]