Maine Revised Statutes Title 33 Sec. 524 – Duty of lender
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maine Revised Statutes Title 33 Sec. 524
- Disbursement of loan funds: means the delivery of the loan funds by the lender to the settlement agent in one or more of the following forms:
A. See Maine Revised Statutes Title 33 Sec. 522Lender: means a person regularly engaged in making loans secured by mortgages on real estate and to whom the debt is initially payable on the face of the loan documents. See Maine Revised Statutes Title 33 Sec. 522 Loan funds: means the proceeds of the loan to be disbursed by the lender to others at loan closing. See Maine Revised Statutes Title 33 Sec. 522 Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation. Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC Settlement: means the time when the settlement agent has received the loan funds, loan documents and other documents and funds to carry out the terms of the contract between the parties and the settlement agent reasonably determines that all conditions for disbursement of the settlement proceeds as required by applicable law or such contracts have been satisfied. See Maine Revised Statutes Title 33 Sec. 522 Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
The lender shall cause, at or before loan closing, disbursement of loan funds to the settlement agent; however, in the case of any loan when a right of rescission applies and has not been exercised, the lender shall cause disbursement of loan funds to the settlement agent prior to noon of the first business day after the expiration of the rescission period required under the federal Truth-in-Lending Act, 15 United States Code § 1601, et seq. and the state truth-in-lending provisions, Title 9?A, Article 8?A, as applicable. [PL 2011, c. 427, Pt. D, §23 (AMD).]
SECTION HISTORY
PL 1999, c. 145, §1 (NEW). PL 2011, c. 427, Pt. D, §23 (AMD).