060-5 Wyo. Code R. § 5-10

Current through April 27, 2019

Section 5-10 - Defaults

(a) If an annual payment is not received within thirty (30) calendar days of when due, the Office shall immediately notify the borrower of the default. The borrower shall have ninety (90) calendar days from the notice of the default to submit a repayment plan to the Office. Repayment plans shall include the following:

• (i) The amounts and dates of payments that the borrower can make against the loan; and

• (ii) Current financial and cash flow statements.

(b) If the borrower does not submit a repayment plan to the Office within ninety (90) calendar days from the notice of the default, the Office shall immediately initiate foreclosure on the defaulted loan.

(c) The Director shall review all repayment plans and make recommendations to the Board regarding their acceptance or rejection.

(d) If the Board accepts a repayment plan, the Office shall allow the borrower to make payments in accordance with the accepted plan. If the borrower then fails to make the payments called for in the accepted plan, the Office shall immediately initiate foreclosure on the defaulted loan.

(e) If the Board rejects a repayment plan, the Office shall immediately initiate foreclosure on the defaulted loan.

060-5 Wyo. Code R. § 5-10

Amended, Eff. 9/8/2017.