A. For purposes of Commercial Law Article,
(1) An application is completed at the time of initial application;
(2) Settlement occurs when the loan proceeds are disbursed by the person conducting settlement to the borrower or to third parties as required by the lender's instructions;
(3) Settlement has not occurred when the loan proceeds are disbursed from the lender to the custody of an escrow agent pending expiration of a time period during which the borrower is entitled by statute to rescind the loan.
B. In a loan transaction where there is a separate broker and lender, only one financing agreement need be provided to the applicant.
C. A financing agreement need not be provided under Commercial Law Article, §12-125, Annotated Code of Maryland, if within 10 business days after initial application the:
(1) Loan is closed; or
(2) Applicant receives a written commitment that the loan will be made, which contains all material terms of the loan.