Immediately on the next fully qualified call to it (ModuleName.function(...)), and yes. Specifically the system keeps around 2 copies of each module that is hot-loaded until no more active references (actively running code) exist to the older one, if there ‘would be’ an even older one than any code actively running it would be killed (and the supervisor would restart it with the new code), but for that to happen in general usage you are either looping manually and near infinitely or you are hot-code reloading new versions extremely rapidly. 
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