§46A-6K-1. Applicability
This article applies to the settlement of loans secured by deeds of trust on owner-occupied residential dwellings with accommodations for not more than four families. This article does not apply to construction loans or any other loans which, by agreement of the parties, provide for the disbursement of the proceeds in stages.
§46A-6K-2. Definitions
(a) "Collected funds" or "good funds" means moneys used to fund the disbursement of settlement proceeds deposited and irrevocably credited to a settlement agent's account. (b) "Disbursement of loan funds" means the delivery of the loan funds by the lender to the settlement agent in the form of: (1) Cash;
§46A-6K-3. Duty of Lender; Accrual of Interest
The lender shall, at or before loan closing, cause disbursement of loan funds to the settlement agent; however, in the case of a refinancing, or any other loan where a right of rescission applies, the lender shall, within one business day after the expiration of the rescission period required under the federal Truth-in-Lending Act (15 […]
§46A-6K-4. Validity of Loan Documents
Failure to comply with the provisions of this article does not affect the validity or enforceability of any loan documents executed.
§46A-6K-5. Penalty
Any persons suffering losses due to the failure of the lender or the settlement agent to disburse settlement proceeds as required by this chapter shall be entitled to recover, in addition to other actual damages, double the amount of any interest collected in violation of section three of this article plus reasonable attorneys' fees incurred […]