2006 Code of Virginia § 6.1-2.12 - Duty of lender
6.1-2.12. 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.)
Disclaimer: These codes may not be the most recent version. Virginia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
