(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 of the entire amount of the loan and
interest upon a certain date or in several specified payments,
or on an amortization plan of annual or semiannual installments
so computed as to pay the interest on the loan according to
terms of the mortgage and such amounts to be applied on the
principal as will terminate the debt within an agreed period of
not less than five (5) years nor more than thirty (30) years.
The method of repayment is at the option of the board.
(b)After five (5) years from date of the mortgage,
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(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 of the entire amount of the loan and
interest upon a certain date or in several specified payments,
or on an amortization plan of annual or semiannual installments
so computed as to pay the interest on the loan according to
terms of the mortgage and such amounts to be applied on the
principal as will terminate the debt within an agreed period of
not less than five (5) years nor more than thirty (30) years.
The method of repayment is at the option of the board.
(b) After five (5) years from date of the mortgage,
additional payments for part or all of the principal may be made
on the annual or semiannual payment date under such rules and
regulations as the board may prescribe. On the application of
the borrower the board may provide in the mortgage for the
payment of interest only during the first five (5) years and
thereafter for the payment of both interest and principal on the
amortization plan. Any loan may be paid in full before the
expiration of five (5) years upon payment of a ten dollar
($10.00) fee to be paid into the general fund. Any loan paid in
full after five (5) years from the date thereof, the ten dollars
($10.00) fee shall not be collected.
(c) Repealed by Laws 1987, ch. 242, § 2.
(d) Notwithstanding the loan term limitation specified in
paragraph (a)(ii) of this section, the board may reamortize farm
loan payments over an additional number of years which together
with the years remaining on the original term shall create a new
term not to exceed thirty (30) years, at the same interest rate
as that in effect at the time of reamortization for loans being
made under W.S. 11-34-101 through 11-34-130, when in the
judgment of the board the reduced payments resulting from
reamortization of the loan will provide adequate financial
benefit to assure with reasonable certainty the ultimate
repayment of the loan. Any borrower requesting reamortization
shall have the burden of showing that reamortization will
significantly improve the financial viability of the
agricultural operation. No loan shall be reamortized if, in the
sole judgment of the board, the borrower is in sound financial
condition and reamortization is not necessary to secure
repayment of the loan, or if reamortization will not provide
sufficient financial benefit to avoid the imminent failure of
the borrower's operation. Nothing in this section shall be
construed as authorizing the reamortization of water development
project loans.
(e) Repealed by Laws 1987, ch. 242, § 2.
(f) Repealed by Laws 1987, ch. 242, § 2.
(g) Repealed by Laws 1987, ch. 242, § 2.
(h) Repealed By Laws 2008, Ch. 42, § 2.
(j) Repealed by Laws 2019, ch. 35, § 2.