(1)

706.001 (1) , including a refinancing of an existing indebtedness that is secured by a mortgage on real property, except that “transaction” does not include an open end credit plan as defined under 15 USC 1602 (i).

708.10(1)(h)

(h)

“Wire transfer” means the electronic funds transfer system of the federal reserve banks. When funds are transferred by wire transfer, delivery of the funds is complete when a transaction number has been assigned to the wire transfer.

708.10(2)

(2)

 

Loan fund disbursal.

708.10(2)(a)

(a)

Except as provided in par. (b) , if a settlement agent is to deliver qualified loan funds to the borrower in a transaction, or to a 3rd party on behalf of the borrower, a lender may not permit or require a borrower to complete a loan settlement unless the lender unconditionally delivers qualified loan funds to the settlement agent before or immediately on completion of the loan settlement.

708.10(2)(b)

(b)

If the lender and the borrower have agreed that less than all of the loan funds are to be disbursed at the loan settlement, the lender shall deliver qualified loan funds to the settlement agent only in the amount to be disbursed at the loan settlement.