same time that the creditor provides the good faith estimates
required under the federal Real Estate Settlement Procedures Act
(12 U.S.C. 2601 et seq.), as amended.
Sec. 5. (a) Subject to subsection (b), not later than forty-eight
(48) hours before the closing of a home loan, a settlement service
provider shall make available to the borrower the closing
documents with respect to the home loan. The settlement service
provider shall make the closing documents available to the
borrower:
(1) at the office of the creditor or the settlement service
provider;
(2) through the United States mail;
(3) by facsimile; or
(4) through any other commercially reasonable means.
(b) A borrower may waive the right to receive the closing
documents with respect to a home loan by providing a written
notice of waiver to the settlement service provider at or before the
time of closing.
(c) If the terms of the home loan set forth in the closing
documents made available to the borrower under subsection (a)
differ from the terms of the home loan presented to the borrower
at the time of the closing, the borrower is entitled to delay or
reschedule the closing without penalty and without forfeiting the
right to enter into the loan or, in the case of a purchase money
home loan, into the purchase contract. For purposes of this
subsection, "terms", with respect to a home loan, includes any of
the
following:
(1) The total loan amount.
(2) The loan's rate, including the trigger rate.
(3) Points and fees.
(4) Payment amounts and schedules.
(5) The term or duration of the loan.
(6) Prepayment penalties, if any.
(7) Acceleration provisions.
(8) Servicing of the loan.
(9) Other provisions concerning the rights and responsibilities
of the parties to the home loan.
Sec. 6. (a) A settlement service provider is subject to a civil
penalty of twenty-five dollars ($25) for each instance in which the
settlement service provider fails to:
(1) provide a prospective borrower with the notice required
by section 4 of this chapter; or
(2) make closing documents available to a borrower as
required by section 5 of this chapter, unless the borrower has
waived the borrower's right to receive the closing documents
under section 5(b) of this chapter.
(b) A penalty described in subsection (a):
(1) may be enforced by the state agency that has
administrative jurisdiction over the settlement service
provider in the same manner that the agency enforces the
payment of fees or other penalties payable to the agency; and
(2) shall be paid into the property tax replacement fund.
(c) A settlement service provider is not liable for any other
damages claimed by a customer because of the closing agent's
failure to comply with this chapter.".