Good Funds in Maine
- Me. Rev. Stat. tit. 33, § 522 et seq.
Wet or Dry Settlement
The lender must disburse loan proceeds to the settlement agent in one or more of the following forms: (1) Cash; (2) Wired funds or electronic transfer; (3) Certified check; (4) Checks issued by a governmental entity or instrumentality; (5) Cashier?s check, teller?s check, or any transfer of funds by check or otherwise that is finally collected and unconditionally available to the settlement agent; (6) Checks or other drafts drawn by a state-chartered or federally chartered financial institution; (7) Checks or other drafts drawn by a state-chartered or federally chartered credit union; or (8) Checks issued by an insurance company licensed and regulated by the Bureau of Insurance. 33 ME Rev. Stat. 522(1).
Must have good funds at or before closing.
Exceptions to Requirements