33 §521. Short title

§521. Short title This subchapter may be known and cited as the “Funded Settlement Act”.   [PL 1999, c. 145, §1 (NEW).] SECTION HISTORY PL 1999, c. 145, §1 (NEW).

33 §522. Definitions

§522. Definitions As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings.   [PL 1999, c. 145, §1 (NEW).] 1.  Disbursement of loan funds.  “Disbursement of loan funds” means the delivery of the loan funds by the lender to the settlement agent in one or more of the […]

33 §523. Applicability

§523. Applicability This subchapter applies to transactions:   [PL 1999, c. 145, §1 (NEW).] 1.  Purposes.  That are incurred primarily for personal, family or household purposes;   [PL 1999, c. 145, §1 (NEW).] 2.  Not open-end credit.  That are not open-end credit as that term is defined in Title 9‑A, section 1‑301, subsection 26;   […]

33 §524. Duty of lender

§524. Duty of lender 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 […]

33 §525. Duty of settlement agent

§525. Duty of settlement agent The settlement agent shall cause recordation of any deed, mortgage or other documents required to be recorded and shall cause disbursement of settlement proceeds within 2 business days of settlement or, when any right of rescission applies pursuant to the federal Truth-in-Lending Act, 15 United States Code, Section 1601 et […]

33 §526. Penalty

§526. Penalty 1.  Consumer remedies.  A lender or settlement agent who violates any provision of this subchapter and causes actual damage to a consumer is subject to a civil action by the aggrieved consumer in which the consumer has the right to recover the greater of actual damages in an amount determined by the court […]

33 §527. Enforcement

§527. Enforcement With respect to lenders that are supervised financial organizations as that term is defined in Title 9‑A, section 1‑301, subsection 38‑A, a violation of this subchapter is deemed an anticompetitive and deceptive practice and the Superintendent of Financial Institutions may take appropriate action to ensure compliance with this subchapter. With respect to all […]

33 §528. Privacy duties of settlement agents

§528. Privacy duties of settlement agents A settlement agent shall comply with the provisions of the federal Gramm-Leach-Bliley Act, 15 United States Code, Section 6801 et seq. (1999) and the applicable implementing federal Privacy of Consumer Information regulations, as adopted by the Office of the Comptroller of the Currency, 12 Code of Federal Regulations, Part […]