Sec. 5. (a) As used in this section, "real estate transaction" refers to any:
(1) escrow transaction;
(2) settlement; or
(3) closing;
conducted in connection with the purchase, sale, or financing of an interest in real estate.
(b) The term does not include a real estate secured loan financing if:
(1) the only parties to the loan transaction are the lender and the borrower; and
(2) the lender is responsible for disbursing all of the funds to the borrower or to a third party in order to pay fees and charges associated with the loan transaction.
As added by P.L.92-2009, SEC.1.
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