WVC 46 A- 6 K- 3
§46A-6K-3. Duty of lender.
The lender shall, at or before loan closing, cause
disbursement of loan funds to the settlement agent; however, in the
case of a refinancing, or any other loan where a right of
rescission applies, the lender shall, within one business day after
the expiration of the rescission period required under the federal
Truth-in-Lending Act (15 U.S.C. §1601 et seq.), cause disbursement
of loan funds to the settlement agent, unless the loan is rescinded
by the customer. All funds disbursed by the lender to the
settlement agent must be collected funds. The lender is not
entitled to receive or charge any interest on the loan until
disbursement of loan funds and loan closing has occurred.
Note: WV Code updated with legislation passed through the 2014 1st Special Session
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