2012 Tennessee Code
Title 47 - Commercial Instruments And Transactions
Chapter 32 - Residential Closing Funds Distribution Act of 2005
§ 47-32-104 - Disbursement of loan funds to settlement agent.
(a) A mortgage lender, mortgage loan broker, mortgage loan servicer, or other person shall, at or before loan closing, cause disbursement of loan funds, in one (1) of the forms identified in § 47-32-102(2), to the settlement agent.
(b) In any transaction in which the borrower may exercise a right of rescission under the federal Truth-in-Lending Act, compiled in 15 U.S.C. § 1601 et seq., and applicable federal regulations and interpretations, a mortgage lender, mortgage loan broker, mortgage loan servicer, or other person, shall cause disbursement of loan funds to the settlement agent not later than the first business day after the expiration of the rescission period.
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