Code of Virginia

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Code of Virginia
Title 55.1. Property and Conveyances
Chapter 9. Real Estate Settlements
10/19/2020

§ 55.1-902. Duty of lender.

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

1980, c. 730, § 6.1-2.12; 1993, c. 530; 2010, c. 794, § 55-525.10; 2019, c. 712.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.