7942526.2-503Virginia Decodedhttps://vacode.org2016Financial Institutions And ServicesGeneral ProvisionsEqual Credit OpportunitiesStatement of reasons for adverse action1977, c. 589, § 59.1-21.21:1; 2002, c. 747; 2010, c. 794.http://law.lis.virginia.gov/vacode/6.2-503//6.2-503/6.2/I/5/6.2-503

Each applicant against whom adverse action is taken shall be entitled to a statement of reasons for the action on the application from the creditor. A creditor shall satisfy this obligation by:section

A

AA1

Providing statement of reasons in writing as a matter of course to applicants against whom adverse action is taken; orsection

A

1

A1A12

section

A

2

A2A22

A statement of reasons meets the requirements of this section only if it contains the specific reasons for the adverse action taken.section

B

BB1

Where a creditor has been requested by a third party to make a specific extension of credit directly or indirectly to an applicant, the notification and statement of reasons required by this section may be made directly by such creditor, or indirectly through the third party, provided in either case that the identity of the creditor is disclosed.section

C

CC1

The requirements of subsections A, B, and C may be satisfied by oral statements or notifications in the case of any creditor who did not act on more than 150 applications during the calendar year preceding the calendar year in which the adverse action is taken, as determined under regulations of the Commission.section

D

DD1