6.1-2.12 - (Repealed effective October 1, 2010) Duty of lender. - Virginia Statutes

§ 6.1-2.12. (Repealed effective October 1, 2010) Duty of lender.

The lender shall, at or before loan closing, cause disbursement of loan fundsto the settlement agent; however, in the case of a refinancing, or any otherloan where a right of rescission applies, the lender shall, within onebusiness day after the expiration of the rescission period required under thefederal Truth-in-Lending Act (15 U.S.C. § 1601 et seq.), cause disbursementof loan funds to the settlement agent. The lender shall not be entitled toreceive or charge any interest on the loan until disbursement of loan fundsand loan closing has occurred.

(1980, c. 730; 1993, c. 530.)