§514A-106 Financial institutions and escrow companies, obligations. Any person subject to chapter 412 or 454, or who is subject to any other law for the purpose of lending money upon the security of real property shall:
(1) Within forty-five days after receipt of an application for credit from any individual for the purpose of purchasing a residential unit designated for owner-occupants under this part, notify the applicant of the action on the application; and
(2) Prior to making any commitment to extend credit to any individual for the purpose of purchasing a residential unit designated for owner-occupants under this part, take all reasonable steps necessary to determine that the individual, in fact, intends to become an owner-occupant of such residential unit. [L 1980, c 189, pt of §2; am L 1985, c 164, §§3, 5; am L 1992, c 50, pt of §2; am L 1993, c 350, §31]