For purposes of Commercial Law Article, §§12-125, 12-922, and 12-1022, Annotated Code of Maryland: An application is completed at the time of initial application; Settlement occurs when the loan proceeds are disbursed by the person conducting settlement to the borrower or to third parties as required by the lender's instructions; Settlement has not occurred when the loan proceeds are disbursed from the lender to the custody of an escrow agent pending expiration of a time period during which the borrower is entitled by statute to rescind the loan. In a loan transaction where there is a separate broker and lender, only one financing agreement need be provided to the applicant. A financing agreement need not be provided under Commercial Law Article, §12-125, 12-922, or 12-1022, Annotated Code of Maryland, if within 10 business days after initial application the: Loan is closed; or Applicant receives a written commitment.