MARVIN MANDEL, Governor                               2793

follows:

Article 23 — Corporations
161MM.

ANY ASSOCIATION WHICH REJECTS AN APPLICATION FOR A
RESIDENTIAL MORTGAGE MUST PROVIDE, IN WRITING, UPON THE
REQUEST OF THE APPLICANT, A NOTICE OF REJECTION. THE
WRITTEN NOTICE MAY BE USED AS EVIDENCE OF SUCH REJECTION
TO PRESENT TO THE MARYLAND HOUSING FUND UNDER ARTICLE 41
OF THE CODE.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1974.

Approved May 31, 1974.

CHAPTER 844
(House Bill 1716)
AN ACT concerning

Mortgages — Residential

FOR the purpose of requiring financial institutions which
hold a first mortgage on residential property to
eliminate certain charges when such mortgage is
partially insured by a Mortgage insurance
corporation and when the principal on the mortgage
is reduced to a certain point.

BY adding to

Article 11 - Banks and Trust Companies

Section 1081

Annotated Code of Maryland

(1968 Replacement Volume and 1973 Supplement)

BY adding to

Article 23 - Corporations

Section 161MM-1

Annotated Code of Maryland

(1973 Replacement Volume and 1973 Supplement)