1. (a)

   1. (1) In this section the following words have the meanings indicated.
   2. (2) “Credit union” has the meaning stated in § 6-101 of this article.
   3. (3) “Savings and loan association” has the meaning stated in § 8-101 of this article.

2. (b) This section applies only to:

   1. (1) A banking institution;
   2. (2) A credit union;
   3. (3) A savings and loan association;
   4. (4) A community development financial institution; and
   5. (5) A credit grantor regulated under Title 11 of this article.

3. (c) When evaluating an application for a primary residential mortgage loan or an extension of credit, an entity subject to this section shall:

   1. (1) Adhere to the rules concerning evaluations of applications established under 12 C.F.R. § 1002.6, including consideration of the following verifiable alternative indications of creditworthiness presented or made available to the entity by the applicant:

      1. (i) History of rent or mortgage payments;
      2. (ii) History of utility payments;
      3. (iii) School attendance; and
      4. (iv) Work attendance; and
   2. (2) If the applicant requests, consider other verifiable alternative indications of creditworthiness presented or made available to the entity by the applicant.

Added by Acts 2021, c. 426, § 1, eff. Oct. 1, 2021.