Section DFI-Bkg 42.04 - Disbursement of trust funds(1) WITHDRAWAL OF FEES AND COMMISSIONS. A licensee shall withdraw fees or commissions from trust accounts maintained by the licensee within 24 hours after the fees or commissions are payable or in accordance with any written agreement or contract, except that fees relating to the servicing of monthly mortgage payments shall be withdrawn from trust accounts within 60 days after monthly payments are received.(2) RELEASE OF TRUST FUNDS. A licensee shall release trust funds within 30 days after payment of a residential mortgage loan in full. If a residential mortgage loan is not consummated, a licensee shall release trust funds to the person who furnished the money to be held in trust within 30 days after it is determined that the loan will not be consummated.Wis. Admin. Code Department of Financial Institutions DFI-Bkg 42.04
CR 09-060: CR Register December 2009 No. 648, eff. 1-1-10.