Good Funds in Virginia

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: 1. Cash; 2. Wired funds; 3. Certified check; 4. Checks issued by the Commonwealth or a political subdivision of the Commonwealth; 5. Cashier's check, or teller's check with equivalent funds availability in conformity with the federal Expedited Funds Availability Act (12 U.S.C. § 4001 et seq.); 6. Checks issued by a financial institution, the accounts of which are insured by an agency of the federal or state government, which checks are drawn on a financial institution located within the Fifth Federal Reserve District, the accounts of which are insured by an agency of the federal or state government; 7. Drafts issued by a state chartered or federally chartered credit union, which drafts are drawn on the United States Central Credit Union; 8. Checks issued by an insurance company licensed and regulated by the State Corporation Commission, which checks are drawn on a financial institution located within the Fifth Federal Reserve District, the accounts of which are insured by an agency of the federal government; or 9. Checks issued by a state or federal savings and loan association or savings bank operating in the Commonwealth, which checks are drawn on the Federal Home Loan Bank of Atlanta. VA Code 55-525.8.==Requirements==The lender shall, at or before loan closing, cause disbursement of loan funds to the settlement agent. 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. VA Code 55-525.10.===Exceptions to Requirements===N/A==Cross-References==

• Virginia
• Good Funds