33 §525. Duty of settlement agent - Maine Statutes

Title 33: PROPERTY

Chapter 9: MORTGAGES OF REAL PROPERTY

Subchapter 1-A: FUNDED SETTLEMENT ACT HEADING: PL 1999, C. 145, §1 (NEW)

§525. Duty of settlement agent

The settlement agent shall cause recordation of any deed, mortgage or other documents required to be recorded and shall cause disbursement of settlement proceeds within 2 business days of settlement or, when any right of rescission applies pursuant to the federal Truth-in-Lending Act, 15 United States Code, Section 1601 et seq. or the state truth-in-lending provisions, Title 9-A, article VIII, as applicable, at the time that the settlement agent reasonably determines that such right of rescission has not been exercised. [1999, c. 145, §1 (NEW).]

SECTION HISTORY

1999, c. 145, §1 (NEW).