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8.111.409    CASH ADVANCES

(1) As part of the loan amount, the board may advance at closing either to the borrower or to third parties as directed by the borrower, an amount not to exceed $30,000 to allow the borrower to satisfy any liens on the property or make repairs to the property, and in addition, a maximum amount not to exceed the actual closing costs for items such as, but not limited to, appraisals, title policies, recording of documents, and other closing costs. The board may also advance at closing either to the borrower or to third parties as directed by the borrower, an amount in excess of the above advance of $30,000 as approved by the board on a case-by-case basis. Such amounts so advanced shall be added to the initial loan balance. To receive a cash advance, the borrower must submit a request in writing on forms supplied by the board.

History: 90-6-104, 90-6-106, 90-6-507, MCA; IMP, 90-6-104, 90-6-106, 90-6-502, 90-6-505, MCA; NEW, 1990 MAR p. 1783, Eff. 9/14/90; AMD, 1993 MAR p. 1207, Eff. 6/11/93; AMD, 1998 MAR p. 644, Eff. 3/13/98; AMD, 2004 MAR p. 1612, Eff. 7/23/04; AMD, 2006 MAR p. 1732, Eff. 7/7/06.

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