Difference between revisions of "Good Funds in Maine"
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| − | =Overview= | + | ==Overview== |
| + | ==Sources== | ||
* Me. Rev. Stat. tit. 33, § 522 et seq. | * Me. Rev. Stat. tit. 33, § 522 et seq. | ||
| − | + | ==Wet or Dry Settlement== | |
| − | + | Wet | |
| − | + | ==Definition== | |
| − | + | The lender must disburse loan proceeds to the settlement agent in one or more of the following forms: | |
| − | ==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; | (1) Cash; | ||
(2) Wired funds or electronic transfer; | (2) Wired funds or electronic transfer; | ||
(3) Certified check; | (3) Certified check; | ||
(4) Checks issued by a governmental entity or instrumentality; | (4) Checks issued by a governmental entity or instrumentality; | ||
| − | (5) | + | (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; | (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 | (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==Cross-References== | + | (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 | ||
| + | ==Cross-References== | ||
* [[Maine]] | * [[Maine]] | ||
* [[Good Funds]] | * [[Good Funds]] | ||
Latest revision as of 07:29, 4 September 2018
Contents
Overview
Sources
- Me. Rev. Stat. tit. 33, § 522 et seq.
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
