§ 45A-1 – Short title.
45A-1. Short title. This Chapter shall be known as the Good Funds Settlement Act. (1995 (Reg. Sess., 1996), c. 714, s. 1.)
§ 45A-2 – Applicability.
45A-2. Applicability. This Chapter applies only to real estate transactions involving a one-to four-family residential dwelling or a lot restricted to residential use. (1995 (Reg. Sess., 1996), c. 714, s. 1.)
§ 45A-3 – Definitions.
45A-3. Definitions. As used in this Chapter, unless the context otherwise requires: (1) "Bank" means a financial institution, including but not limited to a national bank, state chartered bank, savings bank, or credit union that is insured by the Federal Deposit Insurance Corporation or a comparable agency of the federal or state government. (2) "Borrower" […]
§ 45A-4 – Duty of settlement agent.
45A-4. Duty of settlement agent. (a) The settlement agent shall cause recordation of the deed, if any, the deed of trust or mortgage, or other loan documents required to be recorded at settlement. The settlement agent shall not disburse any of the closing funds prior to verification that the closing funds used to fund disbursement […]
§ 45A-4.1 – Expired pursuant to Session Laws 2020-3, s4.12(b), as amended by Session Laws 2020-70, s2.8, effective March 1, 2021.
45A-4.1. Expired pursuant to Session Laws 2020-3, s. 4.12(b), as amended by Session Laws 2020-70, s. 2.8, effective March 1, 2021.
§ 45A-5 – Duty of lender, purchaser, or seller.
45A-5. Duty of lender, purchaser, or seller. (a) The lender, purchaser, or seller shall, at or before closing, deliver closing funds, including the gross or net loan funds, if applicable, to the settlement agent either in the form of collected funds or in the form of a negotiable instrument described in G.S. 45A-4(a)(1) through (7), […]
§ 45A-6 – Validity of loan documents.
45A-6. Validity of loan documents. Failure to comply with the provisions of this Chapter shall not govern the validity or enforceability of any document, including a deed or any loan document, executed and delivered at any settlement occurring after October 1, 1996. (1995 (Reg. Sess., 1996), c. 714, s. 1.)
§ 45A-7 – Penalty.
45A-7. Penalty. Any party violating this Chapter is liable to any other party suffering a loss due to that violation for that other party’s actual damages plus reasonable attorneys’ fees. In addition, any party violating this Chapter shall pay to the party or parties suffering a loss an amount equal to one thousand dollars ($1,000) […]
§ 45A-8 – Embezzlement of closing funds by settlement agent.
45A-8. Embezzlement of closing funds by settlement agent. (a) All closing funds received by a settlement agent are trust or escrow funds received by the settlement agent in a fiduciary capacity. (b) A settlement agent in the disbursement of settlement proceeds shall account for and pay the closing funds to the parties or entities identified […]
§ 45A-9 – Interest on settlement agent's real estate trust and escrow accounts.
45A-9. Interest on settlement agent’s real estate trust and escrow accounts. (a) A settlement agent who maintains a trust or escrow account for purposes of receiving and disbursing closing funds and loan funds shall pay any interest earned on funds held in those accounts to the North Carolina State Bar to be used for the […]