No lender shall make a payment of any proceeds of a high risk home loan directly to a contractor under a home improvement contract other than: (1) by instrument payable to the borrower or payable jointly to the borrower and contractor; or (2) at the election of the borrower, by a third-party escrow agent in accordance with the terms established in a written agreement that is signed by the borrower, the lender, and the contractor before the date of payment. jointly to the borrower and contractor; or escrow agent in accordance with the terms established in a written agreement that is signed by the borrower, the lender, and the contractor before the date of payment.
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