Financial Institutions

Community Obligations and Banking Offenses

SECTION 19-9-10

§ 19-9-10. Disbursement requirements – Purchase money loans – Dwellings.

Any lending institution providing a purchase money first mortgage loan on a property within this state containing less than four (4) living units shall make disbursement of the loan proceeds on or before the date upon which the conveyance and/or mortgage documents are to be recorded. The disbursement shall be in the form of cash, wired funds, government check, cashier's check, or other immediately available funds. The disbursement shall be made to the agent responsible for settlement. If the disbursement is not as provided in this section, no interest shall be charged for the first thirty (30) days following the closing date.

History of Section.
(P.L. 1995, ch. 82, § 47.)