§ 11-34-121 — Mortgagor to pay for recording loan papers; title insurance or abstract required; deposit; additional fee

Wyoming § 11-34-121

• Jurisdiction: Wyoming
• Title 11: Agriculture, Livestock and Other Animals
• Ch. 34: STATE LOAN AND INVESTMENT BOARD
• Art. 1: IN GENERAL

Text

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 amount of the mortgage,
issued by a title insurance company authorized to do business in
Wyoming in a form acceptable to the board, reflecting
merchantable fee title in mortgagor, or in lieu thereof an
abstract of title certified by a bonded abstracter qualified to
prepare abstracts under the laws of Wyoming, under such rules as
the board may prescribe. The mortgagor shall deposit with the
board before his application is considered, one hundred dollars
($100.00), the unused portion of which, if his loan is not
granted, shall be returned to him, but if his loan is granted,
the amount shall be paid into the loss reserve account as
provided by W.S. 11-34-202(e). An additional fee of one percent
(1%) of the loan closed shall be paid by each mortgagor to the
board. The revenues produced by this fee shall be credited to
the loss reserve account as provided by W.S. 11-34-202(e).