If the borrower waives mediation or if a mediation agreement is not reached, a statement to that effect shall be prepared by the mediator and such statement shall constitute a mediation release. Unless the borrower waives mediation, a creditor may not receive a mediation release pursuant to § 54-13-10 until that creditor has attended at least one scheduled mediation meeting.

Source: SL 1988, ch 384 , § 16.