§ 201. Definitions As used in this subchapter: (1) “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) cash; (B) wired funds or electronic transfer; (C) certified check; (D) checks issued by a governmental entity or instrumentality; […]
§ 202. Applicability This subchapter applies only to transactions involving loans made by lenders, which loans are secured by a first lien on owner-occupied one-to-four-unit residential real estate, including first and second homes. (Added 2001, No. 55, § 2.)
§ 203. Duty of lender (a) The lender shall, at or before the 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 but has not been exercised, the lender shall, prior to 2:00 p.m. Eastern Standard […]
§ 204. Duty of settlement agent that is not a lender A settlement agent that has received the loan funds from the lender shall cause disbursement of settlement proceeds at the loan closing, or, for any other loan where a right of rescission applies, the settlement agent shall cause disbursement of the settlement proceeds on […]
§ 205. Commissioner’s powers (a) The Commissioner may: (1) impose an administrative penalty of not more than $1,000.00 for each violation upon any person who violates or participates in the violation of this subchapter, or any lawful regulation or order issued thereunder; (2) order any person to make restitution to any person injured as a […]
§ 206. Consumer remedies (a) 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 […]
