Good Funds in Vermont

Sources

==Wet or Dry Settlement==Wet==Definition==“Disbursement of loan funds” means the delivery of the loan funds by the lender to the settlement agent in one or more of the following forms: (A) cash; (B) wired funds or electronic transfer; (C) certified check; (D) checks issued by a governmental entity or instrumentality; (E) cashier’s check, or teller check or any transfer of funds by check or otherwise that is fully collected and unconditionally available to the settlement agent; (F) checks or other drafts issued by a state-chartered or federally-charted credit union; and (G) checks issued by an insurance company licensed in a state of Vermont. 9 VT Stat. Ann. 201(1).==Requirements==The lender shall, at or before the 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 but has not been exercised, the lender shall, prior to 2:00 p.m. Eastern Standard Time of the first 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. 9 VT Stat. Ann. 203(a).===Exceptions to Requirements===N/A==Cross-References==

• Vermont
• Good Funds