Home Loan and Mortgage Disclosure Act, 2000RegulationsHome Loan and Mortgage Disclosure Regulations, 20075. Notification |
Despite any other law, a financial institution must, within a reasonable period of having approved or declined an application—
| (a) | on request notify the applicant of the outcome in writing; |
| (b) | take reasonable measures to ensure that the notification is in a language that can be understood by the applicant; and |
| (c) | provide reasons for declining an application. |