Section 27-7-3.7-3 - "Escrow transaction"(a) As used in this chapter, "escrow transaction" means a transaction in which a person deposits with a closing agent funds that are to be held until: (1) a specified event occurs; or(2) the performance of a prescribed condition; in connection with the purchase, sale, or financing of an interest in real estate.
(b) The term does not include a 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.