Article 9: CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES
Part 3: REGULATION OF AGREEMENTS AND PRACTICES
§9-313. Rate locks
If a supervised lender charges a consumer a fee to lock in a certain interest rate for a certain length of time, that supervised
lender shall: [2007, c. 273, Pt. A, §27 (NEW); 2007, c. 273, Pt. A, §41 (AFF).]
1.
Take steps that are necessary to actually secure or guarantee the specified rate for the appropriate length of time;
[
2007, c. 273, Pt. A, §27 (NEW);
2007, c. 273, Pt. A, §41 (AFF)
.]
2.
Select a time period within which the loan can reasonably be expected to close; and
[
2007, c. 273, Pt. A, §27 (NEW);
2007, c. 273, Pt. A, §41 (AFF)
.]
3.
Use good faith efforts to close the loan within the rate lock period.
[
2007, c. 273, Pt. A, §27 (NEW);
2007, c. 273, Pt. A, §41 (AFF)
.]
SECTION HISTORY
2007, c. 273, Pt. A, §27 (NEW).
2007, c. 273, Pt. A, §41 (AFF).
Data for this page extracted on 10/16/2012 08:19:41.