Minnesota § 82.77 - TABLE FUNDING
Full text of Minnesota Minnesota Statutes § 82.77 — TABLE FUNDING, with citation guidance and answers to common questions.
§ 82.77. TABLE FUNDING
Subdivision 1.Definitions.
(a) For purposes of this section, the terms in this subdivision have the meanings given them.
(b) "Closing agent" has the meaning given in section 82.55, subdivision 4.
(c) "Collected funds" means funds deposited, finally settled, and credited to the closing agent's escrow account.
(d) "Federally insured financial institution" means an institution in which monetary deposits are insured by the Federal Deposit Insurance Corporation or National Credit Union Administration.
(e) "Lender" means a person who makes residential mortgage loans including a person who engages in table funding. "Lender" does not include any organization described in section 501(c)(3) or 501(c)(4) of the Internal Revenue Code of 1986, as amended, if the organization is exempt from tax under section 501(a) of the Internal Revenue Code of 1986, as amended. "Lender" does not include a state or any political subdivision of a state.
(f) "Qualified loan funds" means funds in one of the following forms:
(1) lawful money of the United States;
(2) wired funds when unconditionally held by the closing agent;
(3) cashier's checks, certified checks, bank money orders, or teller's checks issued by a federally insured financial institution and unconditionally held by the closing agent; and
(4) United States treasury checks, Federal Reserve Bank checks, federal home loan bank checks, and state of Minnesota warrants.
(g) "Table funding" means a closing or settlement at which a mortgage loan is funded by a lender by a contemporaneous advance of mortgage loan funds and an assignment of the mortgage loan to the lender advancing the funds.
Subd. 2.Requirements.
(a) A closing agent shall not make disbursements out of an escrow, security deposit, settlement, or closing account unless the funds received from the lender are collected funds or qualified loan funds.
(b) A lender, using the closing services of a closing agent, shall at or before the time of the closing deliver loan funds to the closing agent either in the form of collected funds or qualified loan funds.
History:
1998 c 344 s 1; 2004 c 203 art 2 s 61; 2008 c 347 s 3
Official Publication of the State of Minnesota
Revisor of Statutes
Frequently Asked Questions About Minnesota § 82.77
What does Minnesota Statutes § 82.77 cover?
Section 82.77 ("TABLE FUNDING") is part of the Minnesota Statutes, the codified statutory law of Minnesota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Minnesota § 82.77?
A common citation format is "Minnesota Statutes § 82.77" (Minnesota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Minnesota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Minnesota official source linked on this page or consult a licensed Minnesota attorney.
How does Minnesota § 82.77 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Minnesota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Minnesota.