Learn About the Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2023 | Updated by FindLaw Staff
Subdivision 1. Definitions. (a) For purposes of this section, the terms in this subdivision have the meanings given them.
(b) “Closing agent” has the meaning given in section 82.55, subdivision 4.
(c) “Collected funds” means funds deposited, finally settled, and credited to the closing agent's escrow account.
(d) “Federally insured financial institution” means an institution in which monetary deposits are insured by the Federal Deposit Insurance Corporation or National Credit Union Administration.
(e) “Lender” means a person who makes residential mortgage loans including a person who engages in table funding. “Lender” does not include any organization described in section 501(c)(3) or 501(c)(4) of the Internal Revenue Code of 1986, as amended, 1 if the organization is exempt from tax under section 501(a) of the Internal Revenue Code of 1986, as amended. “Lender” does not include a state or any political subdivision of a state.
(f) “Qualified loan funds” means funds in one of the following forms:
(1) lawful money of the United States;
(2) wired funds when unconditionally held by the closing agent;
(3) cashier's checks, certified checks, bank money orders, or teller's checks issued by a federally insured financial institution and unconditionally held by the closing agent; and
(4) United States treasury checks, Federal Reserve Bank checks, federal home loan bank checks, and state of Minnesota warrants.
(g) “Table funding” means a closing or settlement at which a mortgage loan is funded by a lender by a contemporaneous advance of mortgage loan funds and an assignment of the mortgage loan to the lender advancing the funds.
Subd. 2. Requirements. (a) A closing agent shall not make disbursements out of an escrow, security deposit, settlement, or closing account unless the funds received from the lender are collected funds or qualified loan funds.
(b) A lender, using the closing services of a closing agent, shall at or before the time of the closing deliver loan funds to the closing agent either in the form of collected funds or qualified loan funds.
Cite this article: FindLaw.com - Minnesota Statutes Real Estate Sales Regulations (Ch. 82-83) § 82.77. Table funding - last updated January 01, 2023 | https://codes.findlaw.com/mn/real-estate-sales-regulations-ch-82-83/mn-st-sect-82-77/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)