55-525.10 - (Effective October 1, 2010) Duty of lender. - Virginia Statutes

§ 55-525.10. (Effective October 1, 2010) Duty of lender.

The lender shall, at or before loan closing, cause disbursement of loan fundsto the settlement agent. In the case of a refinancing or any other loan wherea right of rescission applies, the lender shall, within one business dayafter the expiration of the rescission period required under the federalTruth in Lending Act (15 U.S.C. § 1601 et seq.), cause disbursement of loanfunds to the settlement agent. The lender shall not be entitled to receive orcharge any interest on the loan until disbursement of loan funds and loanclosing has occurred.

(1980, c. 730, § 6.1-2.12; 1993, c. 530; 2010, c. 794.)