§ 19-9-10. Disbursement requirements — Purchase money loans — Dwellings.
Any lending institution providing a purchase money first mortgage loan on a property within this state containing less than four (4) living units shall make disbursement of the loan proceeds on or before the date upon which the conveyance and/or mortgage documents are to be recorded. The disbursement shall be in the form of cash, wired funds, government check, cashier’s check, or other immediately available funds. The disbursement shall be made to the agent responsible for settlement. If the disbursement is not as provided in this section, no interest shall be charged for the first thirty (30) days following the closing date.
History of Section.P.L. 1995, ch. 82, § 47.
Structure Rhode Island General Laws
Title 19 - Financial Institutions
Chapter 19-9 - Community Obligations and Banking Offenses
Section 19-9-1. - Definitions.
Section 19-9-2. - Escrow accounts — Interest.
Section 19-9-2.1. - Mortgage billing — Payment allocation.
Section 19-9-3. - Mortgages — Appraisal fees.
Section 19-9-3.1. - Mortgage loan appraisers — Relationship with lending institution.
Section 19-9-4. - Credit needs of local communities.
Section 19-9-5. - Mortgagor to be offered title insurance.
Section 19-9-6. - Lending institutions — Title attorney.
Section 19-9-7. - Attorney’s opinions.
Section 19-9-8. - Lending institutions — Negative amortization loans.
Section 19-9-9. - Mortgages issued — Payoffs.
Section 19-9-10. - Disbursement requirements — Purchase money loans — Dwellings.
Section 19-9-11. - Control of deposits by minors.
Section 19-9-12. - Trust deposits — Death of trustee.
Section 19-9-13. - Checks of trustees.
Section 19-9-14. - Deposits payable to survivor.
Section 19-9-14.1. - Uniform multiple-person accounts.
Section 19-9-15. - Pledge of passbook accounts.
Section 19-9-16. - Replacement of lost or destroyed passbook.
Section 19-9-17. - Charge-free savings accounts for minors.
Section 19-9-18. - Depositor identification.
Section 19-9-19. - Checks on consumer deposit accounts to show date account was opened.
Section 19-9-20. - Withdrawal from time deposit accounts.
Section 19-9-21. - Passbook savings accounts — Service charge prohibited.
Section 19-9-21.1. - Fee disclosure by banks, credit unions and other financial institutions.
Section 19-9-22. - Violations by officers and employees.
Section 19-9-24. - Fraudulent checks — Small amounts.
Section 19-9-25. - Fraudulent checks — Large amounts.
Section 19-9-26. - Prima facie evidence of intent to defraud — Prosecutions.
Section 19-9-27. - Check kiting.
Section 19-9-28. - False statement to obtain loan.
Section 19-9-29. - Bank fraud.
Section 19-9-30. - Injunctions against fraud.
Section 19-9-31. - False rumors as to condition of regulated institution.
Section 19-9-32. - Disclosure of arson conviction.
Section 19-9-33. - Severability.
Section 19-9-34. - Property insurance.
Section 19-9-35. - Consumer privacy in mortgage applications.