Good Funds in Maine
Contents
Overview
Sources
Wet or Dry Settlement
Wet
Definition
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).
Requirements
Must have good funds at or before closing.
Exceptions to Requirements
N/A
