Article 9: CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES HEADING: PL 1987, C. 396, §12 (NEW); 2007, C. 273, PT. A, §36 (AMD)
Part 3: REGULATION OF AGREEMENTS AND PRACTICES HEADING: PL 1987, C. 396, §12 (NEW)
§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).
Article 9: CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES HEADING: PL 1987, C. 396, §12 (NEW); 2007, C. 273, PT. A, §36 (AMD)
Part 3: REGULATION OF AGREEMENTS AND PRACTICES HEADING: PL 1987, C. 396, §12 (NEW)
§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).
Article 9: CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES HEADING: PL 1987, C. 396, §12 (NEW); 2007, C. 273, PT. A, §36 (AMD)
Part 3: REGULATION OF AGREEMENTS AND PRACTICES HEADING: PL 1987, C. 396, §12 (NEW)
§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).
