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NewsResidential Real Estate Update

Did you know … that Maryland’s Wet Settlement Act requires lenders to disburse the proceeds of purchase money loans on or before the closing date?

October 28, 2020

Due to reports of lenders delaying funding of purchase money loans, Maryland’s Commissioner of Financial Regulation has recently issued guidance reminding consumer mortgage lenders that Section §7-109(b) of the Real Property Article of the Maryland Code requires lenders to disburse the proceeds of purchase money loans to the settlement agent on or before the date of closing. Lenders who fail to comply with the Wet Settlement Act are prohibited from charging interest on the loan for the first 30 days following the date of closing.

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NewsEmployment Law Alert

CDC Expands Definition of “Close Contact”

October 28, 2020

Last week the Center for Disease Control (CDC) revised its definition of “close contact” with someone with COVID-19 to include shorter, repeated contacts. Previously, the CDC defined “close contact” as 15 consecutive minutes within 6 feet of someone who had tested positive for COVID-19. The revised guidance now considers a total of 15 minutes of exposure within a 24-hour period to constitute “close contact” as well.

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