D.C. Code Ann. § 26-1113 requires, in part, for a financing agreement (whether an initial or a revised and final one) to be delivered to a borrower at least 72 hours before the time of settlement. However, “prior to execution of the financing agreement, the borrower may waive in writing the 72-hour advance presentation requirement and accept the commitment at settlement only if compliance with the 72-hour requirement is shown by the lender to be infeasible.” (Ibid. § 26-1113[b])
Cx8268 is provided as an “upon request” document in Initial Disclosure and Closing packages for clients who wish to provide a waiver form to the borrower, for their own use.
Pursuant to our yearly audit of state disclosures, we will be making minor editorial changes to this document, such as changing common nouns like “financing agreement” and “lender” to their proper noun equivalents, to specifically identify the actual subjects involved in the loan transaction, as well as distinguishing between the original Financing Agreement and the final one.
These changes will take effect on February 26, 2014. If you have any questions or concerns about this change, or would like this document assigned to your packages, please contact Client Support at 1.800.497.3584.
February 19, 2014