3102                                          LAWS OF MARYLAND                                     Ch. 669

(I)  ANY LENDER OR CREDIT GRANTOR REGULATED
UNDER TITLE 12 OF THIS ARTICLE; OR

(II)  A CREDIT UNION MAKING A LOAN UNDER § 6-507
OF THE FINANCIAL INSTITUTIONS ARTICLE.

14-1702.

(B) (A) 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) NOTWITHSTANDING ANY OTHER PROVISION OF THIS ARTICLE, IF
A 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 OUTLINING: .

(1) THE REASONS FOR THE LENDER'S OR CREDIT GRANTOR'S
ADVERSE ACTION AGAINST OR DENIAL OF THE CONSUMER'S APPLICATION
FOR CREDIT;

(2) THE ITEMS IN THE CONSUMER'S FILE THAT CAUSED THE
LENDER OR CREDIT GRANTOR TO ACT ADVERSELY AGAINST OR DENY THE
CONSUMER'S APPLICATION FOR CREDIT; AND

(3) ANY OTHER INFORMATION USED BY THE LENDER OR
CREDIT GRANTOR IN ACTING ADVERSELY AGAINST OR DENYING THE
CONSUMER'S APPLICATION FOR CREDIT.

14-1703.

THE WRITTEN STATEMENT REQUIRED BY § 14-1702 OF THIS SUBTITLE
SHALL DISCLOSE TO THE APPLICANT:

(1) THE APPLICANT'S RIGHT TO A STATEMENT OF REASONS
WITHIN 30 DAYS AFTER RECEIPT BY THE LENDER OR CREDIT GRANTOR OF A
REQUEST MADE WITHIN 60 DAYS AFTER NOTIFICATION, MADE UNDER §
14-1702(A) OF THIS SUBTITLE;

(2) THE IDENTITY OF THE PERSON OR OFFICE FROM WHICH
THE STATEMENT OF REASONS MAY BE OBTAINED; AND

(3) THE RIGHT OF THE APPLICANT TO HAVE THE STATEMENT
OF REASONS CONFIRMED IN WRITING ON WRITTEN REQUEST.

14-1704.

THE WRITTEN STATEMENT OF REASONS ONLY MEETS THE REQUIREMENTS
OF THIS SUBTITLE IF IT CONTAINS THE SPECIFIC REASONS FOR ANY
ADVERSE ACTION TAKEN.

14-1705.