As I am reading through the guidance on the new Closing Disclosure, it states that the Closing Disclosure should be provided three business days before consummation. It goes on to say that the definition of consummation is dependent on applicable State Law and doesn't necessarily mean closing, which is what we have always based our timing requirements upon. I have not been able to locate the definition of consummation within Oklahoma State Law. Can anyone point me in the right direction?
Thank you!

Bump

While "consummation" is not defined by Oklahoma statute or case law, in the context of a contract, it is when the contract has been executed and the parties are obligated to perform, i.e., closing.

Although you didn't ask how this definition ties in with right of rescission, Title 15 O.S. Sec. 232 states: A contract is extinguished by its rescission. Thus you have a binding contract at closing (the bank must lend, and the borrower must pay under the note), but if the borrower rescinds, the contract is extinguished ("dead").