060-38 Wyo. Code R. § 38-8

Current through April 27, 2019

Section 38-8 - Security

(a) Every loan shall be evidenced by a promissory note for the principal sum of the loan.

(b) Loans shall be adequately secured to the Board's satisfaction. Loans may be secured with:

• (i) Pledge of the revenues from the project for which the loan was granted;

• (ii) Pledge of other available revenues to the borrower;

• (iii) A mortgage covering all or part of the project;

• (iv) An assignment of lease revenues; and/or,

• (v) Any other security deemed adequate to secure repayment of the loan.

(c) If an appraisal is required, the applicant shall be responsible for ensuring one is completed prior to submitting a loan application.

• (i) Office staff shall review and approve the methodology used for valuation and the overall market value prior to loan closing.

060-38 Wyo. Code R. § 38-8

Adopted, Eff. 11/13/2018.