Sec. 36a-758. (Formerly Sec. 36-9y). Payment of loan proceeds by certified, bank treasurer's or cashier's check or by wire transfer.
Sec. 36a-758. (Formerly Sec. 36-9y). Payment of loan proceeds by certified,
bank treasurer's or cashier's check or by wire transfer. Any person who makes any
first mortgage loan, as defined in section 36a-485, or any secondary mortgage loan, as
defined in section 36a-485, shall, at the time of consummation of such loan or at the
termination of any right to rescind the loan transaction under 12 CFR 226, as amended
from time to time, whichever is later, pay the loan proceeds to the mortgagor, to the
mortgagor's attorney, to the mortgagee's attorney or to any other person specified in
any settlement statement, any written agreement between the mortgagor and the mortgagee or any written instruction of the mortgagor, by a certified, bank treasurer's or
cashier's check or by means of wire transfer.
(P.A. 85-430; P.A. 92-12, S. 8; P.A. 94-122, S. 323, 340; P.A. 07-91, S. 12; P.A. 08-176, S. 66.)
History: P.A. 92-12 made a technical change; P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-9y transferred to Sec. 36a-758 in 1995; P.A. 07-91 required any person who makes any first or secondary mortgage loan
to pay loan proceeds at time of consummation of such loan or at termination of right to rescind and allowed payment of
proceeds to any person specified in any settlement statement, written agreement between the mortgagor and mortgagee or
written instruction of mortgagor; P.A. 08-176 made technical changes, effective July 1, 2008.