Section 27-7-3.7-5 - "Real estate transaction"(a) As used in this section, "real estate transaction" refers to any: (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.