§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:
[PL 2007, c. 273, Pt. A, §27 (NEW); PL 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;
[PL 2007, c. 273, Pt. A, §27 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
2.
Select a time period within which the loan can reasonably be expected to close; and
[PL 2007, c. 273, Pt. A, §27 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
3.
Use good faith efforts to close the loan within the rate lock period.
[PL 2007, c. 273, Pt. A, §27 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
SECTION HISTORY
PL 2007, c. 273, Pt. A, §27 (NEW). PL 2007, c. 273, Pt. A, §41 (AFF).