Section 11-34-117 – Rates of Interest; Length of Loan; Amount.
11-34-117. Rates of interest; length of loan; amount. (a) The board may set rates of interest on all farm loans according to current interest rates but not less than four percent (4%) nor more than ten percent (10%) whether the money is loaned upon the amortization plan or otherwise. (b) A farm loan to a […]
Section 11-34-118 – Refinancing Delinquent Loans; Payment of Costs; Additional Fee.
11-34-118. Refinancing delinquent loans; payment of costs; additional fee. The board, whenever it deems necessary for the better protection of permanent funds of the state invested in farm loans, may refinance any delinquent farm mortgage loan and reamortize the loan over not more than thirty (30) years from the date of refinancing. All costs of […]
Section 11-34-119 – Ultra Vires Acts of Agent.
11-34-119. Ultra vires acts of agent. No loan or mortgage securing the loan shall be impaired or invalidated by any act of any agent of the board in excess of his powers.
Section 11-34-120 – Mortgages Taken by Board; Control and Disposition of Property.
11-34-120. Mortgages taken by board; control and disposition of property. (a) All mortgages and accompanying promissory note or notes taken by the board for monies loaned shall run to state loan and investment board as mortgagee or payee, and all titles to property taken by the board shall run to the board as grantee. The […]
Section 11-34-121 – Mortgagor to Pay for Recording Loan Papers; Title Insurance or Abstract Required; Deposit; Additional Fee.
11-34-121. Mortgagor to pay for recording loan papers; title insurance or abstract required; deposit; additional fee. The mortgagor shall pay for the recording of his mortgage and other papers connected with the loan which may be required. He shall furnish to the board at his own expense a mortgagee’s title insurance policy in the full […]
Section 11-34-116 – Agreement to Use Loans for Purposes Specified; Reappraisement and Additional Loan.
11-34-116. Agreement to use loans for purposes specified; reappraisement and additional loan. (a) Every borrower who is granted a loan under this act shall enter into an agreement with the board that if the whole or any portion of his loan is expended for purposes other than those specified in his original application, or if […]
Section 11-34-112 – Application for Loan; Filing; Appraisal of Land; Consideration of Written Report.
11-34-112. Application for loan; filing; appraisal of land; consideration of written report. Before any mortgage loan is made by the board, the loan application shall be filed with the director of the office of state lands and investments who shall make, or cause to be made, an appraisal and written report upon the land offered […]
Section 11-34-113 – Terms and Conditions of Loans.
11-34-113. Terms and conditions of loans. (a) The board shall make loans only upon the following terms and conditions: (i) The loan shall be secured by a duly recorded first or second mortgage as approved by the board on the farm lands within this state; (ii) Every mortgage shall contain an agreement providing for repayment […]
Section 11-34-114 – Limitation on Loans; Percentages of Appraised Value.
11-34-114. Limitation on loans; percentages of appraised value. (a) No loan secured by a first mortgage shall exceed seventy percent (70%) of the appraised value of the land with the necessary existing improvements, as ascertained and fixed by the board except as provided by W.S. 11-34-117. If a loan is secured by a second mortgage, […]
Section 11-34-115 – Minimum and Maximum Amount of Loans.
11-34-115. Minimum and maximum amount of loans. The amount of loans to any one (1) borrower shall not be less than ten thousand dollars ($10,000.00) nor more than one million dollars ($1,000,000.00) if all loans to the borrower are made for the purposes of purchasing farm lands or other purposes as defined by W.S. 11-34-109(a)(i) […]