§ 8822 Construction Loan Retention Exemption

• •This rule doesn't apply to money held back by a bank for a construction loan.
• •If you're building something and the bank keeps some money until the work is done, this law doesn't cover that.
• •This is only about construction loans, not other types of loans.

You take a loan from a bank to build a house. The bank agrees to give you most of the money now but keeps some until the house is finished.

This law doesn't apply to the money the bank is holding back. The bank can still keep that money until the house is built, even if this law says other things about payments.