Section DFI-Bkg 40.01 - Definitions In subch. III of ch. 224, Stats., and chs. DFI-Bkg 40 to 46:
(1) "Division" means the division of banking.(2) "Investor" means a mortgagee.(3) "Licensee" means a person licensed under s. 224.72 or 224.725, Stats.(4) "Loan application fee" means a fee in whole or in part imposed by a licensee for services rendered by the licensee in connection with a residential mortgage loan application; a fee or charge imposed on behalf of a third party for services rendered by the third party incident to the processing of a residential mortgage loan application, such as a charge for a credit report or appraisal; or a fee or deposit in whole or in part imposed on behalf of any other licensee for that person's services rendered in connection with a residential mortgage loan application.(5) "Loan commitment" means a written statement signed by a lender, setting forth the terms and conditions upon which the lender is obligated to make a particular residential mortgage loan to a particular applicant.(6) "Loan commitment fee" means a fee charged by a licensee to an applicant in exchange for a promise to make a loan pursuant to a loan commitment.(7) "Person" means a natural person, and includes all partnerships, associations and bodies politic or corporate.(8) "Trust account" means an account in a depository institution in which funds are held for the benefit of a third party. A trust account may also be known as a custodial or escrow account.(9) "Trust funds" means all monies other than nonrefundable fees which a licensee receives on behalf of any person, pending disbursement of the funds in accordance with instructions from the person on whose behalf the funds are deposited. "Trust funds" does not mean loan application fees which a licensee has disclosed to a loan applicant as being nonrefundable, even though the licensee may actually refund all or part of these fees later.Wis. Admin. Code Department of Financial Institutions DFI-Bkg 40.01
CR 09-060: CR Register December 2009 No. 648, eff. 1-1-10.Amended by, correction in (intro.) made under s. 13.92(4) (b) 7, Stats., Register June 2015 No. 714, eff.7/1/2015.