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

SECTION 19-9-10

   § 19-9-10  Disbursement requirements –Purchase money loans – Dwellings. – Any lending institution providing a purchase money first mortgage loan on aproperty within this state containing less than four (4) living units shallmake disbursement of the loan proceeds on or before the date upon which theconveyance and/or mortgage documents are to be recorded. The disbursement shallbe in the form of cash, wired funds, government check, cashier's check, orother immediately available funds. The disbursement shall be made to the agentresponsible for settlement. If the disbursement is not as provided in thissection, no interest shall be charged for the first thirty (30) days followingthe closing date.