[§454-3.1]  Written agreements.  For any
transaction between a mortgage broker or a mortgage solicitor and a borrower,
the following requirements shall apply:



(1)  A mortgage broker and a mortgage solicitor shall
comply with all provisions of the Real Estate Settlement Procedures Act, the
Truth in Lending Act, and the Equal Credit Opportunity Act, as those laws
currently exist or as they may be amended.



(2)  Any written commitment letter to make a mortgage
loan with specified terms, including loan amount, interest rate, points, and
payment terms, which is issued by a mortgage broker or solicitor and accepted
by a borrower, must be honored by the mortgage broker or solicitor if the
borrower has completely satisfied all of the conditions of the commitment in a
timely manner and prior to the specified expiration date of the commitment. [L
1989, c 218, §2]



 



Case Notes



 



  Where, on its face, plaintiffs' complaint stated a claim
under this section without specifying either of its [paragraphs], removal to
federal court was proper when defendant filed the notice of removal based on
federal question jurisdiction.  334 F. Supp. 2d 1236.