Each applicant denied a loan shall receive a statement of specific reasons for such action from the Home Loan Division. The statement of reasons shall be confirmed in writing within thirty (30) days from the receipt of the complete loan application package from the applicant. The Home Loan Division shall inform any applicant who is denied a loan, based on information in the credit report, that the Home Loan Division shall consider a new loan application after a credit history has been established for a period of at least six (6) months following the date of original submission of the denied application.

Note: Authority cited: Section 700, Military and Veterans Code. Reference: Section 987.56, Military and Veterans Code.

History

1. New section filed 11-12-91; operative 12-12-91 (Register 92, No. 7).

2. Amendment filed 3-24-2026; operative 7-1-2026 (Register 2026, No. 13).