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Valuation reports.
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123.—(1) Where a mortgage lender—
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(a) gives approval to the making of a housing loan; or
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(b) refuses to make a housing loan,
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the applicant for the loan shall, at the time he is notified of the approval of the loan or of the refusal to give such approval, be furnished by the mortgage lender with a copy of the report (“valuation report”) made to the mortgage lender on the value of the security.
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(2) The mortgage lender shall attach to or include in every valuation report furnished to an applicant in accordance with subsection (1) a note stating clearly the nature and purpose of the report.
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(3) There shall be no charge made to the applicant for a valuation report if the loan application is refused.
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