(a) Each creditor shall notify a consumer debtor in writing when a mortgage loan application is filed that such debtor:
- (1) May have legal interests that differ from the creditor's;
- (2) May not be required by the creditor to be represented by the creditor's attorney;
- (3) May waive the right to be represented by an attorney;
- (4) May direct any complaints concerning violations of this section to the Department of Banking.
- (b) The notice shall be written in plain language and shall be signed by the consumer debtor to acknowledge its receipt.
(P.A. 86-268, S. 6; P.A. 87-9, S. 2, 3.)
History: (Revisor's note: Pursuant to P.A. 87-9 “banking department” was changed editorially by the Revisors to “department of banking”).