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665
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HARRY HUGHES, Governor
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(B) IN ANY TRANSACTION FOR THE SALE OF REAL PROPERTY, ON OR
BEFORE THE DAY OF CLOSING, A LENDER SHALL DISBURSE THE LOAN TO
THE AGENT RESPONSIBLE FOR SETTLEMENT AS PROVIDED IN SUBSECTION
(C) OF THIS SECTION. UNLESS DISBURSEMENT OF A LOAN AND CLOSING
HAVE OCCURRED, A LENDER MAY NOT CHARGE INTEREST ON A LOAN.
(C) WITHIN 2 BUSINESS DAYS OF SETTLEMENT, THE AGENT
RESPONSIBLE FOR SETTLEMENT SHALL:
(1) DISBURSE THE SETTLEMENT PROCEEDS TO THE
APPROPRIATE RECIPIENTS; AND
(2) RECORD THE DEED, DEED OF TRUST, MORTGAGE, OR
OTHER DOCUMENTS REQUIRED TO BE RECORDED.
(D) (C) A LENDER SHALL DISBURSE THE LOAN TO THE AGENT
RESPONSIBLE FOR SETTLEMENT IN THE FORM OF:
(1) CASH;
(2) WIRED FUNDS;
(3) A CERTIFIED CHECK;
(4) A CHECK ISSUED BY A POLITICAL SUBDIVISION;
(5) A CASHIER'S CHECK; OR
(6) A CHECK ISSUED BY A FINANCIAL INSTITUTION THAT IS
INSURED BY THE STATE OR FEDERAL GOVERNMENT; OR
(7) A CHECK ISSUED BY AN INSURANCE COMPANY THAT IS
LICENSED BY THE INSURANCE DIVISION OF THIS STATE, PROVIDED THAT
THE CHECK IS DRAWN ON A FINANCIAL INSTITUTION THAT IS INSURED BY
THE FEDERAL GOVERNMENT.
(6) A CHECK DRAWN ON A FINANCIAL INSTITUTION THAT IS
INSURED BY FDIC (FEDERAL DEPOSIT INSURANCE CORPORATION), FSLIC
(FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION), OR MSSIC
(MARYLAND SAVINGS SHARE INSURANCE CORPORATION), AND WHICH IS
LOCATED IN THE 5TH FEDERAL RESERVE DISTRICT.
(E) ANY PERSON WHO SUFFERS LOSS BECAUSE OF THE FAILURE OF
THE AGENT RESPONSIBLE FOR SETTLEMENT TO DISBURSE A LOAN OR OTHER
FUNDS AS PROVIDED IN THIS SECTION MAY RECOVER 2 TIMES THE AMOUNT
OF ANY INTEREST COLLECTED IN ADDITION TO OTHER ACTUAL DAMAGES AND
ATTORNEYS' FEES.
(D) IF THE LOAN IS NOT DISBURSED AS PROVIDED IN SUBSECTION
(C) OF THIS SECTION, A LENDER MAY NOT CHARGE INTEREST ON A LOAN
FOR THE FIRST 30 DAYS FOLLOWING THE DATE OF CLOSING.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1983.
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