Sec. 3. (a) As used in this chapter, "escrow transaction" means a transaction in which a person deposits with a closing agent funds that are to be held until: (1) a specified event occurs; or (2) the performance of a prescribed condition; in connection with the purchase, sale, or financing of an interest in real estate. (b) The term does not include a loan financing if: (1) the only parties to the loan transaction are the lender and the borrower; and (2) the lender is responsible for disbursing all of the funds to the borrower or to a third party in order to pay fees and charges associated with the loan transaction.
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