1. (1) The loan transaction is not made to the borrower; or
2. (2) The borrower exercises his right to rescind the loan transaction under the federal Truth in Lending Act¹ or any similar federal or State law.

A borrower is entitled to a refund of any finder's fee paid to a mortgage broker if:

Added by Acts 1979, c. 351, § 1, eff. July 1, 1979.

Pub.L. 90-321, Title I, May 29, 1968, 82 Stat. 146, codified at 15 U.S.C.A. § 1601 et seq.