We provide a general analysis of time reversal invariance violation in the exclusive semileptonic B decays B → Dℓν and B → D * ℓν. Measurements of the lepton and D * polarizations can be used to search for and identify non-standard model sources of T violation. Upper limits are placed on the T -odd polarization observables in both the supersymmetric R-parity conserving and R-parity breaking theories, as well as in some non-supersymmetric extensions of the standard model, including multi-Higgs-doublet models, leptoquark models, and left-right symmetric models. It is noted that many of these models allow for large T -violating polarization effects which could be within the reach of the planned B factories. * gwu@alph02.triumf.ca † kiers@bnl.gov ‡ misery@triumf.ca